• Daily Market Update
  • The Dow ended the day down 33.84 points or approximately 0.19%.
  • The S&P 500 ended the day down 5.52 points or approximately 0.26%.
  • The NASDAQ ended the day down 32.35 points or approximately 0.64%.
  • Oil ended the day up $0.75 at $42.62 a barrel.
  • Gold ended the day down $1.50 at $1,116.90.
• Russia Agrees to Sell Air Defense to Iran

As soon as next week Iran plans to sign a contract with Russia for four S-300 Surface-to-air systems.  In the emerging cold war between the West on one side and Russia and China on the other; this sale is clearly an attempt by Russia to gain a political ally in the Middle East as Iran continues to gain a dominate political foothold in the region.

• Test Vote Proves Positive for Merkel

In a test vote by German Chancellor Merkel results showed a majority in favor of the current bailout proposal.

• Islamic Climate Declaration

In a move certainly to irritate Saudi Arabia a collation of Arab religious leaders have called on oil rich Arab countries to stop oil production and to move 100% to renewable energy by 2050.  The declaration has already received support from the Grand Muftis of Uganda and Lebanon.  Along side the recent G-7 declaration this is further proof of the coming end of oil dominance in favor of renewable energy.