Darrell Jobman: Euro/US

The dollar weakened in early Europe on Thursday following the firmer than expected Euro-zone growth data.

The US currency was also unsettled by a renewed increase in oil and commodity prices. The US growth-orientated data was mixed, but the forward-looking data was marginally positive. Industrial production fell by 0.7% in April after a revised 0.2% increase the previous month and capacity use also declined.

Friday, May 16 200810:29:00 EST

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Jim Wyckoff: Energies

June crude oil closed down $0.10 at $124.12 a barrel yesterday.

Prices closed near mid-range in volatile trading. The bulls still have the strong overall near-term technical, but the market is due for a decent corrective pullback soon. The next upside price objective for the crude oil bulls is to produce a close solid technical resistance at the contract high of $126.98. The next downside price objective for the bears is producing a close below solid technical support at yesterday's low of $120.75 a barrel.

Friday, May 16 200810:29:00 EST

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Robert W. Colby: Growth Stocks and Utilities

Energy and Materials Stock Sectors both rose to a new all-time price highs, driving some, but not all, of the major stock price indexes to new 4-month highs.

Relatively low volume fails to confirm a new Bull Market. The weight of the evidence appears mixed. On Thursday, major stock price indexes opened higher, continued to rise most of the day, and closed very near the highest levels of the day. Total NYSE volume fell 3 percent, however, suggesting waning demand for stocks.

Friday, May 16 200810:29:00 EST

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