Thursday, January 03, 2008

Oil Still Below $100, Despite Drop In Inventories

The government reported a big drop in crude oil inventories, but oil still hasn't managed to break above the psychological $100 level. It is currently a tad lower at $99.35. This is a small positive.

The ADP employment report was a little stronger than expected, and this is helping the overall market as well as bond yields. The 10-year yield is up to 3.93%.

The semis are still the weakest group after yesterday's downgrade by Banc of America (BAC). Overall, tech is also struggling a bit.

Asian markets were lower across the board overnight, following our lead yesterday. The Yen is flat today, after yesterday's huge spike.

Retail stocks are also weak this morning amid lingering concerns about the consumer.


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