Stocks Hit All-Time High

Note: some items updated after market close.

I do not agree with this writer that the price of WTI (at $106 and rising) is due to geopolitical events in the mideast. I haven't seen a story on Syria in weeks, and the situation in Egypt is cooling down, if anything. WTI is rising for three other reasons. Regular readers know. 

Be sure to check out CarpeDiem daily. 

Wow! I was so busy I didn't get to the market until now -- up 111 points and oil up another $1.00+. The oil story is very, very interesting. It is finally playing out as predicted over a year ago; took some time. Many, many story lines. I don't get cable television; in fact, I hardly have access to television -- so I'm missing CNBC but I assume the talking heads are telling viewers oil should be priced at $60 to $70 and they don't understand why it keeps trending up. But regular readers understand what's driving oil up.

From Barron's:

Key themes: 1) ExxonMobil giving back some of its downstream beats as WTI-Brent spreads normalize; 2) George Kirkland [vice chairman and executive vice president of upstream] will be on the Chevron call -- we look for an update of the Australia mega projects and signs of acceleration in their industry-leading Permian shale position; 3) we think the Eagle Ford  is getting better (both the pace of completions and initial productions) -- this should benefit EOG Resources, Marathon Oil, and ConocoPhillips; 4) The European Majors are becoming more attractive alternatives to Chevron and Exxon -- Enersis, Royal Dutch Shell and Total all offer competitive production growth over the next few years and should enjoy an improvement in upstream margins; 5) Restructuring plays will continue to attract attention. We see the greatest near-term potential at Hess , given second-half asset disposals. Occidental Petroleum's California update at the second-quarter call will be important. 

Reuters.

There's a very, very interesting story line developing here, one that I have alluded to or blogged outright over the past couple of years. 

So how are my favorites doing (some I invest in; some I don't; I follow all for various reasons).

Disclaimer: this is not an investment site. Do not make any investment decisions based on what you read here or what you think you may have read here. I seldom buy or sell shares any more except in automatic reinvestment programs. I do not plan on buying or selling any shares in any company in the next three or four weeks. I don't even plan on buying or selling any shares for the next year although I probably will. 

Utilities

• SRE: new 52-week high
• CNP: new 52-week high
• MDU: new 52-week high

Pipelines

• ENB: up a bit; still not back to its high
• EEP: ditto
• EPD: up nicely; still not back to its high

Operators

• TPLM: nice
• SD: up slightly
• CHK: up slightly
• KOG: up slightly
• OAS: up slightly
• CVX: up very nicely; not back to its high
• COP: new 52-week high
• XOM: up very, very nicely, and a new 52-week high
• EOG: a new 52-week high; incredible

Refiner

• PSX: down

Railroads

• UNP: reversed; now up nicely; could did hit new 52-week high
• BRK-B: new 52-week high

Miscellaneous

• BAX: new 52-week high
• XLNX: huge move; new 52-week high (big story behind this one; maybe for another day)
• BK: new 52-week high

Stodgy telecoms? Verizon's profits surge 23% -- almost as good as the banks on Wall Street. Main Street might not be doing very well, but Wall Street is doing very, very well.

Huge day for the market, and MSFT closed down. Okay.