Indices advance while commodities give back some of yesterday’s gains

Discussion in 'Trading' started by TradeTheNews, Jan 24, 2007.

  1. TradeTheNews

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    US Mid-Morning Recap
    by TradeTheNews Staff

    - Crude futures have moved lower following weekly EIA data, extending weakness in the energy complex. The March contract is down more than 2% at $53.85 helping the OIH give back 1.25%. XOM, COP and CVX are each down close to 1%. Feb Gold is off close to $5 at $641.30 while March Gold has lost close to 1% on the session. The XAU is off 0.8% in tandem.

    - Earnings reports were again a major theme heading into today’s trade with much of the highlights coming from the tech sector. Traders are bidding up YHOO +5.75% post earnings while GOOG is adding more than $13. EBAY +3% AMZN +2% AMD has lost close to 8% after its earnings release but semi shares are advancing overall. SMH +1.5% QLGC –7% is weak as well after guiding Q4 numbers below consensus. MCD –1.5% is weighing on Dow after reporting Q4 earnings.

    - US Treasuries have given back early session gains and are hovering close to the unchanged level. 10-year unchanged at 4.808% The USD/JPY sold off after a wire headline citied sources suggesting Europe will seek a stronger message on the weak Yen at the next G7 meeting. The Yen is up more than 1% against the Euro, Swiss Franc, and Pound while gaining 2% against the Australian Dollar. Note there was a soft CPI reading out of Australia overnight.