by Jon S. Strebler
Today looked a lot like yesterday, with lower oil prices mostly driving markets. Energy prices rallied sharply early in the day, leading to a nearly 200 point rally in the Dow Industrials. But then the bears regained control, energy prices gave back all of their gains, and US stocks turned negative.
Asian markets had finished the day down moderately earlier, followed by lower European stocks - all concerned primarily about the ramifications of an oil market that can't yet find a bottom. As we approach the close at 4:00 Eastern time in the US, energy markets have again turned positive, with XLE up more than 1% for the day. But the stock market as a whole is still worried, with the Industrials, S&P 500, and NASDAQ all in negative territory.
It appears that the huge tug of war between bulls and bears over the future of US ... Log in or subscribe to continue reading.