Energy - slighlty lower - waiting for DOE, and the next economic bit of news. The energy complex is trading steady to easier overnight as the dollar weakens. Today is reports day and the market will be on edge until they are released. The API showed a surprising crude oil build. Hot forecasts are supporting the energy complex. A Moody’s downgrade of Ireland’s bond rating to “junk” and warning of a second bailout was the biggest news late yesterday. Yesterday started so negative, yet we rallied. Today we have even more negative euro news, yet global equities are rallying on positive Chinese news. This market is looking for direction and will turn negative if the DOE agrees with the API. So far, we are treading water.
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