Thursday, September 24, 2009

Midday Briefing for September 24th: Oil Weakness and More

After multiple failed attempts to make new highs during the summer, oil is under considerable pressure recently on dollar strength. That is weighing on raw materials and energy stocks, both of which are quite weak from their opening prices. The relative outperformance today of consumer staples shares, health care stocks, and utility names suggests that equity traders are taking a risk-averse stance. That also shows as relative weakness among Russell small caps and NASDAQ shares.