Oil Hits High, Mozilo Busted, Stocks Bounce

Oil hit a yearly high today bursting above $69.50/barrel prior to settling lower. Gold followed suit, adding $13.80 to $979.40 after surging near the $1000.00/oz psychological resistance level on inflation hedge fears. Former Countrywide Financial CEO and part time pitchman, Angelo Mozilo, was busted by the SEC for insider trading and civil fraud for misleading investors about the health of the company. Several US Banks were upgraded by popular analysts triggering a rally in financial shares, as well as commodity stocks lifted the major averages into positive territory today. The DJIA advanced +74.96 to 8750.24, the Nasdaq gained by +24.10 to 1850.02 and the broad based S&P 500 marched forward +10.70 to 942.46.

KeyCorp ( KEY | Quote | Chart | News | PowerRating) - Ohio's largest bank was upgraded by RBC Capital markets sending shares higher by 19.57% or 0.90 cents to $5.50/share.

Wind River ( WIND | Quote | Chart | News | PowerRating) - Surged 47% or $3.76 to $11.76/share after Intel agreed to purchase the company.

Teradyne ( TER | Quote | Chart | News | PowerRating) - Jumped 6.10% or 0.43 cents to $7.48 after being pumped by Jim Cramer on Mad Money.

Hot Topic ( HOTT | Quote | Chart | News | PowerRating) - Fell 3.45% or 0.26 cents to $7.28/share upon announcing slumping sales to the teen market.

Oil climbed $2.69 to $68.69, Gold surged $16.70 to $982.30 and the VIX fell by 2.71% to 30.18.

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Market Snapshot

Dow

+74.96

8750.24

NASDAQ

+24.10

1850.02

S&P 500

+10.70

942.46

Economic
News

Personal Income (Apr): Consensus: -0.2%, Prior: -0.2%, Revised From: -0.3%

Personal Spending (Apr): Consensus: -0.2%, Prior: -0.3%, Revised From: -0.2%

Construction Spending (Apr): Consensus: -0.8%, Prior: 0.3%

ISM Index (May): Consensus: 42.0, Prior: 40.1

Pending Home Sales (Apr): Consensus: NA, Prior: 3.2%

Auto Sales (May): Consensus: NA, Prior: 3.2M

Truck Sales (May): Consensus: NA, Prior: 3.8M

ADP Employment Change (May): Consensus: -543K, Prior: -491K

Factory Orders (Apr): Consensus: 0.3%, Prior: -0.9%

ISM Services (May): Consensus: 45.0, Prior: 43.7

Crude Inventories (05/29): Consensus: NA, Prior: -5.41M

Initial Claims (05/30): Consensus: 620K, Prior: 623K

Productivity-Rev. (Q1): Consensus: 1.2%, Prior: 0.8%

Unit Labor Costs (Q1): Consensus: 2.9%, Prior: 3.3%

Average Workweek (May): Consensus: 33.2, Prior: 33.2

Hourly Earnings (May): Consensus: 0.2%, Prior: 0.1%

Nonfarm Payrolls (May): Consensus: -550K, Prior: -539K

Unemployment Rate (May): Consensus: 9.2%, Prior: 8.9%

Consumer Credit (Apr): Consensus: -$6.0B, Prior: -$11.1B

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Name	Symbol	PR
Benchmark Electronics	BHE	10
Direxion Developed Markets Bear 3X Shares	DPK	10
ProShares UltraShort MSCI EAFE	EFU	10
ProShares Trust II: UltraShort Euro	EUO	10
Georgia Gulf Corp	GGC	10
Direxion Technology Bear 3X Shares	TYP	10
Achillion Pharm Inc	ACHN	9
Au Optronics Corp ADS	AUO	9
Yamana Gold Inc	AUY	9
Bio-Reference Labs Inc	BRLI	9

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Oil Hits High, Mozilo Busted, Stocks Bounce

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