Another Draw Day...

The bulls and the bears have another go at each other ending with the Dow down modestly by 35.99 points in yet another sideways day. The bears poured everything they had at the bulls with the lousy earnings but the bulls held up yet again as oil seem to struggle at its current short term resistance level. Crude inventories tomorrow (see economic calendar) is going to be critical. If supply is higher than expected, oil prices may hold at the current levels but if supply is lower than expected, oil prices may go into a short term rally, putting pressure on the equities market. Let's see how this plays out. This is certainly the most critical juncture in the stock market since the crisis begun.