Equities fight to hold yesterday’s gains while Crude moves higher

Discussion in 'Trading' started by TradeTheNews, Mar 7, 2007.

  1. TradeTheNews

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    Mid-Morning Update
    by TradeTheNews Staff

    - US Indices have spent most of the session around the unchanged mark with the NASDAQ under performing. Semis have been relatively weak since the open with the SOX Index down more than 0.5%. Retail stocks are mixed as several digest Q4 earnings reports and Feb SSS data. CHS +9.5% PSS +5% BJ +3% SKS +7% TLB +1.3% AEOS –3.5% GCO –1.2% We have seen a little added selling pressure in equities after weekly DOE inventory data showed a 4M+ barrel draw down in crude inventories when a build had been expected. The OIH is up more than 2% while April crude is up 1.6% to $61.70. Gold is up fractionally while Copper has gains 2.3% on the day. The US Dollar is little changed against the majors while is has rallied some 30 pips from its worst levels against the Yen.