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Recent news from Kodiak Energy has led our team to conduct further research in order to determine if we will select them as our next Featured Company. Pinnacle members will be notified if we select them as our next equity target. Although the Canadian markets are our focus at Pinnacle Digest they are directly related to the American markets, which is why we research both equally.
Kodiak Energy Inc. (TSX-V: KDK)(OTCBB: KDKN) experienced a decline in share value Tuesday along with 71,747 shares traded. On April 22nd they announced an operations update relative to their New Mexico project. We believe this news to be significant, in respect to their potential moving forward and have therefore begun reviewing in more detail their objectives.
It was reported that the New Mexico exploration program continues to be on schedule. The program consists of drilling, testing and seismic operations. Kodiak is operator and 100% working interest owner of this high impact project, currently comprising approximately 62,000 acres with signed letters of intent to purchase another 24,000 acres.
We will be reviewing Kodiak Energy development and its potential ramifications on their future; further information and the entire article will be available on our site as well as an exclusive Chat Board dedicated to their shareholders.
All Kodiak Energy shareholders are encouraged to share their thoughts on this equity with one of North America's largest online investor communities. Our team at Pinnacle Digest has recently launched our brand new site. Pinnacle Digest creates a snapshot of the market providing a simplistic and easy way to view trends and follow companies. Join our informative and complimentary online financial magazine at www.pinnacledigest.com.
US stocks recorded their largest loss in over a week Tuesday as record oil prices and disappointing earnings from tech and health care companies brought companies lower. Last week US stocks recorded their largest weekly gain in almost 3 months as oil surged to constant new record highs. Oil climbed to yet another record Tuesday trading above $118 per barrel as fear of inflation continues. It seems everyday oil rises to yet another record. The TSX Exchange has been relentless in recent weeks as it continues to rise on the backs of record commodity prices. The TSX Composite has recently exploded past 14,000.00 and finally retreated Tuesday to close at 14266.34.
Oil has been rising relentlessly in the past few weeks, and broke through to a new all time record Thursday. Light sweet crude oil rose again Monday to settle at $118.04 per barrel, which is a record close. We believe this trend in the markets will be difficult to continue as last week US stocks fell for the forth time in five weeks earnings continue to decline for financial companies. There are no two ways about it; in our opinion the markets still look very bleak and sentiment remains extremely cautious.
The financial industry woes have helped the S&P 500 record its largest quarterly loss since 2002. The S&P 500 fell 12.23 points Tuesday to close at 1,375.94. The markets had been showing life early last week as many believed much of the wake of the credit crisis had been reported. Commodity prices have been soaring to record prices, which is raising the attractiveness of many producing companies.
Sentiment has slowly begun to rally around the US markets. It is clear that the purchase and demand of gold as a hedge against inflation is diminishing. The Dow recovered 2.1% last Wednesday soaring 256.8 points and moved up another 228.87 points Friday. The Dow lost over 100 points Tuesday. The markets are operating in tremendously volatile times at the moment. Although volatility has been stabilizing it must be understood and used to the investor's advantage.
The TSX and TSX-Venture exchanges are our focus at Pinnacle Digest. Resource based companies operating in these exchanges are what our research focuses on. Canadian stocks reported their first weekly gain in almost a month as sentiment central banks in the United States will cut borrowing rates to stave off a recession was prominent last week.
Canada's biggest fear is that a lack of credit will slow the global economy and thus reduce the demand of materials. At Pinnacle Digest we believe the global demand for many commodities will overpower any economic turmoil in the United States. The fluctuation occurring within this index is exceptional and keeping everyone on edge.
At Pinnacle Digest we feature four companies trading within the mining and oil and gas industries. We invite you to visit our multi-purpose online financial magazine to participate in our community and to educate yourself further on the markets moving Kodiak Energy forward at www.pinnacledigest.com.
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