TradingMarkets Mid-Day Movers
U.S. Stocks are trading mixed after the release of several
economic reports this morning (listed below). The Dow is leading the major
indices to the downside with Alcoa
(
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PowerRating) and United Technologies
(
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PowerRating) moving lower by 1.5% and 1% respectively.
Today’s choppy trading is
representative of what we were expecting based on our
PowerRatings
Heat Maps*
from Thursday’s close. Of the 30 sectors covered by the Heat Maps, 27 are
showing price action that has historically led to weakness. There are few
low risk buying opportunities in this current market that is struggling to move
higher. Traders should exercise caution, especially in the Energy and
Manufacturing sectors.
After ending the previous session in
negative territory, the price of oil is moving back to the upside in morning
trading on Friday. Crude for March delivery is currently up $0.28 at $57.58 a
barrel after ending Thursday’s trading down $0.84 a barrel.
The rebound by the price of oil is partly
due to lingering concerns about the impact of colder weather on heating oil
demand, as well as expectations that OPEC is likely to follow-through on its
plans to cut production by another 500,000 barrels.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com