Before the Closing Bell

Oil prices climb to $72.70 a barrel, fresh 2009 highs after International Energy Agency forecasted the increasing demand for oil in 2009.

Gold and silver are trading higher today, up 0.27% and 1.45% respectively.

Stocks remain strong today although it seems to be stuck in the 950-953 range. It is up 12.78 points at 951.93 at this hour before the closing bell.

Business Inventories, an important indicator of the near-term direction of production, data came out worse than the consensus expectations. The consensus estimated a 0.8% decline in the inventories while the actual numbers came to 1.1% decline. Investors did not react to the data.

30-year bond action, which stopped at 1pm on the clock, showed a strong demand for the Treasuries. The awarded yield was 4.720%. Total amount: 11 billion.

There isn't much to talk about tomorrows economical calendar. We have the import and export prices data coming out at 8.30am. Import and export prices are an indication of inflationary inclination for internationally traded products. Consumer sentiment, a survey conveyed by University of Michigan, which questions 500 households about their current financial conditions, will be releases at 9.55am.

Update

Participants of S&P 500 had another attempt to break the 950 level. It is now at 949.30, up 10.03 points. S&P managed to stay above the 200-day moving average even though some analysts were speculating otherwise. The index now is neither oversold nor overbought.

European bourses rallied in the last hour of the trading day. This might be a good indication for the participants of U.S. market.

Intraday

Indices rose on retail sales and fewer job losses. S&P 500 is trying new highs for the day. It is showing some resistance at 950 level. Utilities took off at this hour, up 1.9% shadowed by Energy, up 1.67%

Dollar is on a decline, last changed hands at 79.64.

Bank of America (BAC) was upgraded by Keefe Bruyette& Woods from market perform to out perform. The shares surged, up almost 8%.

Jobless Claims and Retail Sales 06/11/09

Jobless Claims data came much better than expected. It fell by 24K to 601,000. The consensus was 625,000. Although, companies still are not looking forward to hire new labor, they cease the lay offs. The news did not have an impact on the market.

Meanwhile, retail sales, less auto sales, data recovered for the latest slump of 0.4% decline in April to 0.5%gain in May. Gasoline sales was the main leading factor, sales up 3.6%, followed by building materials, up 1.3%, and heath care, up 0.7%.

There comes the opening bell!

All the major indices are trading higher in the first 10 minutes of the trading. S&P 500 is at 941.44. Consumer staples leads S&P, up 1.29%. Energy is coming right behind, up 0.91%.

Treasury yield are also trading higher today. 2-year,5-year,10-year and 30-year treasury yields are all in green, up, 1.37, 2.94, 3.98, and 4.81 respectively.

CBOE volatility index (VIX) is trading at 27.44. VIX had a year high of 57.36 and year-low of 26.57.

Dollar is having a choppy day. It is last quoted at 80.01.