Thursday, May 08, 2008; Posted: 04:13 AM
Recent news from Galloway Energy Inc. (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.
Galloway Energy Inc. (OTC:PK: GWGI | news | PowerRating | PR Charts ) experienced an even day in the market Wednesday coupled with only 1,500 shares traded. On May 7th they announced that they have entered into a formal Letter of Intent (LOI) to acquire a majority working interest in a gold and silver exploration property. 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 has been reported that this initial exploration property is in keeping with their objective of defining and acquiring interests in underdeveloped and overlooked properties that are now deemed economical due to significant global increases in both demand and prices of commodities. As the markets continue to operate within a true commodity super cycle we will be constantly focused on what Galloway Energy and other resource based companies are doing to take advantage of the current market conditions. Feel free to read our introductive market overview and come visit our site to read the entire article.
We will be reviewing Galloway 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 Galloway 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 were torn down the most in a month Wednesday on concern disclosure requirements for investment banks will hurt profits. The S&P 500 had recently risen to a four month high. On Monday stocks tumbled following record oil prices and Microsoft abandoning their bid of $50 million for Yahoo! Inc. The markets have been steadily rising for the past two months, but volatility has recently come back. April was the best monthly advance for the S&P 500 since 2003.
Canadian stocks have been soaring on expectations the interest rate cut will keep the US dollar weak and resources trading at historic highs. This was not the case Wednesday as many commodities traded even or declined. Oil has officially surged out of control and to another amazing new record Wednesday closing at $123.79 a barrel. 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, but fell 42.77 points Wednesday to close at 14371.53.
Oil has been rising relentlessly in the past few weeks, and broke through to a new all time record this past Friday after a North Sea pipeline was shut in Scotland. The Forties Pipeline System was closed and it carries 40% of U.K.'s oil output.
The markets had been showing life lately and early this 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 has been soaring recently, but declined 0.7% points on Monday. The S&P 500 fell 25 points Wednesday to close at 1392.57. The markets are still 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. 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.
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 Galloway Energy Inc. forward at www.pinnacledigest.com.
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