Thus far today stocks are rebounding from yesterday's major intraday reversal. The Dow is currently higher by 60, while the Nasdaq is higher by 27. The broader S&P 500 is higher by 5 points. As I said earlier today, the economic news today was mixed, but the market is responding fairly favorably to it.
It should come as no surprise that the two leaders in today's market rally thus far are the energy and basic material stocks. BP plc (NYSE:BP) is leading the major oil stocks higher so far today, gaining 5%. International energy companies such as CNOOC Limited (NYSE:CEO) and PetroChina (NYSE:PTR) are very strong on the day today. PTR shares are higher by nearly 9%, and have now gained 65 points in the past month to get to the current level of $210.47.
Companhia Vale Do Rio Doce (NYSE:RIO) is higher by 5.01% to lead the basic materials group. Potash Corporation (NYSE:POT) shares are surging by 3.92% as part of the strong fertilizer group. The Mosaic Company (NYSE:MOS) continues its amazing recent run, gaining another 5.12% so far today.
One of the weaker groups on wall street today is the apparel group. The apparel retailers seem to be one of the real weak spots in retailing right now. Chico's FAS Inc. (NYSE:CHS) shares are plunging by 8.51% on the day after showing terrible same-store numbers yesterday. AnnTaylor Stores (NYSE:ANN) shares are down by 2.21% on the day thus far. Grocers are stronger on the day, as today's PPI and retail sales both showed the strength of their business today. Safeway Inc. (NYSE:SWY) shares are higher by 2.45% today.
The volume is certainly on the light side so far today, which has to be at least a little concerning for the bulls given the volume to the downside yesterday. Keep a close eye on the final hour of trading today. I suspect there will be plenty of bears who want to beat the market down today to end the week on a negative note and provide follow through to yesterday's selloff. If the major averages slide into the close it will likely be the sign of further selling action to come next week.
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