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Bears Win Tug of War Today
Today’s disappointments were Retail Sales and the energy complex. A modest 0.3% rise in retail sales for January and a December lower revision dampened the bull spirits. In addition, Import prices rose by 1.5% in January as the cost of food and energy has skyrocketed. The energy complexes including the refiners were down and indirectly weighed on the SP EMINI. Crude settled at a multi week low, gasoline dropped over 1% as supplies build and demand remains low.