Major averages rose above resistance points on mixed but well below average volume. As stated in prior reports, light non-institutional volumes this time of year can exaggerate market moves in either direction. Therefore it is difficult to call a change of major trend, particularly since yesterday's gap-up move was attributed to rising oil prices. Oil-related names led the rally early in the day but faded as big-cap NASDAQ names and the NASDAQ 100 Index led the charge.
In contrast, this morning oil is off more than 2% as Saudi Arabia says it will no longer limit its production of oil. U.S. stock market futures are feeling the pressure trading down roughly 0.2% at the time of this writing.
Over in Europe, stock markets are overall on track for their worst December in more than a decade as another selloff in commodities pushes stocks lower.
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