As long as oil is trading near 70 a barrel, interest rates on the 10-year (note) are around 5 percent and gold hovers at 600 an ounce, it will be difficult for equities to make headway.
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If you look at almost anything else semiconductor away from Intel, they're doing better today. People are viewing the semiconductor space as being strong in general and Intel is not the bellwether it was in the past.
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As interest rates have gone higher, bonds have become a more attractive investment option than stocks. Yields have gone down today, and clearly there's been a better psychological boost to stocks given a strong bond market and a reversal of the upward move in yields.
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I think people coming into town would go to the south and so folks up north would not get as much business.
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