The NASDAQ has spent most of the day testing the area of the May and July lows. It’s tried several times to bounce off of those levels but kept getting pulled back. Just a few minutes ago there were some developments in the oil markets that have sparked a little bit of a rally in the stock market, and sent oil to its lows of the day.
(via Briefing.com)
13:42 Major averages spike off their lows as crude oil falls to 43.35/barrel — new session low
13:39 Notable Mention: Yukos
Bloomberg.com reported earlier that Yukos (YUKOY.PK), Russia’s largest oil exporter, said court officials have authorized the co to use its accounts for payment of crude oil production and transport. An oil analyst we spoke to says that on the surface it looks as thought the Russian govt is allowing the co to use some cash to pay for logistics, but it isn’t clear how extensive the authorization is. In short, while this is a positive step for Yukos, this announcement does not constitute a major resolution of its bankruptcy case.
