The stock market was firing on all cylinders Thursday as investors shrugged off the weaker than expected Retail Sales report to push the major averages close to their previous record highs. The German Dax had its eleventh record high close for the year. The better than expected EuroZone GDP report this morning has continued to push their markets higher in early trading Friday. There also seemed to be some progress in the discussions between Greece and the EuroZone finance ministers to resolve the Greek debt problem. The NYSE Composite, Spyder Trust (SPY), and Powershares QQQ Trust (QQQ) have completed their two month trading ranges. The market internals were better than 3-1 positive as the NYSE Advance/Decline Line made another new high. The Nasdaq 100 and S&P 500 A/D lines have turned up sharply but have not yet made new highs. Crude oil underwent a sharp two day slide early in the week as the selling increased after a government report stated supplies had reached an eighty year high. Many, therefore, concluded that crude oil had resumed its downward slide. Therefore, Thursday’s gain of almost 5% caught many by surprise. The energy sector has stabilized while crude oil has moved higher. The SPDR Oil & Gas Exploration & Production (XOP), a popular energy ETF, is up 8.5% in 2015 as this sector has clearly been supportive for the stock market. But XOP is still down 13.5% over the past three months. The money flow analysis on crude oil turned positive on February 2 for the first time since September 29. This warned of the impending rally as those who were short crude oil were forced to cover. So, does this indicator now favor even higher crude oil prices or is the rebound over?
from Forbes.com: Most popular stories http://www.forbes.com/sites/tomaspray/2015/02/13/crude-money-flow-still-points-higher/
from Forbes.com: Most popular stories http://www.forbes.com/sites/tomaspray/2015/02/13/crude-money-flow-still-points-higher/
