Reply #48: Some Blather to go with that update [View All]

[RawMaterials]

2:00PM: Indices continue to trade in lackluster fashion as buyers remain a reluctant bunch... Yesterday, arguably oversold conditions spurred widespread buying interest that helped the major indices record their largest gains in 2005... Today, however, there has been little follow through despite relatively encouraging economic reports, as surging oil prices have weighed on the proceedings... But with the commodities market entering its final 30 minutes of trading, buyers could be waiting on the sidelines until oil's stranglehold subsides... NYSE Adv/Dec 1968/1258, Nasdaq Adv/Dec 1227/1742

1:30PM: Little changed since the last update as the major averages continue to vacillate in roughly the same ranges... Meanwhile, the dollar has extended Wednesday's losses against both the euro (1.2968) and the yen (107.18) amid an unexpected rise in weekly initial claims data and a better than expected inflation measure... Arguably overbought conditions have also prompted profit taking in the currency, as the greenback remains on track to record its best quarter since 2001 with a gain of roughly 4.0% in 2005... NYSE Adv/Dec 1921/1274, Nasdaq Adv/Dec 1185/1769