Celebrate the return of pumped penny stocks!
Proteonomix (Pink Sheets: PROT) is in the business of … well it doesn’t matter. It is a tiny little pink sheet company with no audited financials, a stock on fire (from $1 to $13 in just over a month), a negative book value, no hope of ever earning money, insider self-dealing, and a web site that was until recently overwhelmed by typos (thanks to fellow stock trader Investors Live for noticing and recording).
It is unfortunate that Prot’s market cap is only $40 million, otherwise it would make a great short in CAPS. In real life I can say only stay away. Though I can borrow shares to short I will not be selling it short because volume is low and the float is tiny, meaning that there is little likelihood of the stock trading near a fair value (which is negative) any time soon. I guarantee you that within two years the stock will be down over 99%.
Gold prices rise, oil almost unchanged
Gold prices rose, but other precious metals and agricultural commodities dropped Friday as Wall Street added to its gains this week, while oil prices were mostly flat.
Commodities prices have correlated strongly with equities in recent weeks, as the buck and Treasurys lured spooked investors from stocks and commodities. Markets are afraid that a weak economy will curb demand for raw materials needed for industry and consumer goods.
But Wall Street finished its week up sharply, in its biggest five-day rally in more than 75 years. The Dow Jones industrials and the Standard & Poor’s 500 index finished higher for the fifth straight session. It was the Dow’s first five-day streak of gains since July 2007.
Gold for February delivery rose $7.70 to settle at $819 an ounce on the New York Mercantile Exchange.
Other precious metal prices dropped. March silver fell 3.9 cents to $10.250 an ounce, while March copper futures fell 4.2 cents to $1.6495 a pound.
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Oil prices rise past $143 as US oil supplies fall
Oil prices shot to a new high near $144 a barrel Wednesday and headed for a record close as the government reported a bigger-than-expected drop in U.S. crude stockpiles and the threat of conflict with Iran weighed on traders’ minds.
Light, sweet crude for August delivery rose as high as $143.91 on the New York Mercantile Exchange shortly before the market closed.
The Energy Department’s Energy Information Administration said crude oil supplies fell by 2 million barrels last week, or about 800,000 barrels more than analysts surveyed by the energy research firm Platts predicted. Read more
