Tuesday, May 19, 2009

Technical Picture - Markets Mixed

The markets closed mixed on late session weakness. The NASDAQ ended the day in the green on SOX strength, but for the most part today's trade was choppy. Strength was mainly attributed to commodities on $USD weakness - energy/solar, coal, steel, agchem, gold/silver posted gains of 2-3%.

Weak housing data on the heels of last week's poor retail sales could be leading indicators that we are going to turn back down soon. S&P carved out a spinning top on light volume.

Crude inventories tomorrow at 10:30 and FOMC minutes at 2:00 EST.

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