Markets are trending sideways to lower today after another sell-off Wednesday as a slightly weaker dollar and flat equity futures give the market some pause for now. The DOE report yesterday was neutral to bullish by the numbers, but weak product demand continues to shake the nerves of some traders with inventories remaining at better than 10-year highs. The euro’s higher turn Wednesday may be the beginning of the end for the euro-run with the dollar index rising over 1000 points in evening trading yesterday, but the brief drop below the 200-day moving average in the S&P 500 Wednesday also indicates this is not just a currency story anymore. Equities remain the directional indicator for energies near-term, and the trend there remains lower right now.
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