Days of supply of oil back to all-time high and price back to multi-month low. Real Time Economic Calendar provided by Investing.com. **NEW** As part of the ongoing process to offer new and up-to-date information regarding seasonal and technical investing, we are adding a section to the daily reports that details the stocks that are entering their period of seasonal strength, based on average historical start dates. Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities. As always, the use of technical and fundamental analysis is encouraged in order to fine tune entry and exit points to average seasonal trends. Stocks Entering Period of Seasonal Strength Today: United Rentals, Inc. (NYSE:URI) Seasonal Chart The Markets Stocks attempted to stabilize on Wednesday following the largest one-day decline in five months. The S&P 500 Index added just less than two-tenths of one percent with consumer staples, financials, and energy dragging upon the upward bias. Investors remained focussed on the price of oil following the latest weekly petroleum inventory report. The Energy Information Administration (EIA) reported that oil inventories increased last week, rising by 5.0 million barrels. Gasoline, meanwhile, realized a 2.8 million barrel draw. The result saw the days of supply of oil rise back to the all-time high of 34.2 as stocks of the commodity show a year-to-date gain of 11.3%, over three times the average increase through the first two and a half months of the year. Imports were higher last week, despite the winter storm that hit the US east coast, and domestic production of the commodity continues to climb, seemingly unfazed by the recent plunge in oil prices. Seasonally, domestic production has typically faded through the spring and summer months, while imports pick up the slack, rising, on average, over the same timeframe. News of the inventory build sent the price of oil to a multi-month low, once again testing long-term rising trendline support around $47; the commodity rebounded through the afternoon trade. Seasonally, the price of oil typically strengthens between February and May. On the economic front, a report on existing home sales continues to suggest underlying strength, despite a headline miss. Sales of existing homes fell 3.7% in February to a seasonally adjusted annual rate of 5.48 million. The consensus estimate was for a rate of 5.555 million. Stripping out the seasonal adjustments, sales showed a very rare decline in the month, falling by 1.3% versus the average gain of 5.8%. This is the largest February decline in the history of the report. Weakness in the northeast and midwest is responsible for the drag on the aggregate result. But underlying the weakness was continued below average gains in inventories, which is keeping prices elevated. The seasonal change in the median sales price of existing homes is running around 1.3% above average, the largest positive spread since 2005. Rising prices and rising mortgage rates may constrain sales activity in future periods, but the balance sheets of present homeowners does not appear under threat, as of yet. March, April, and May are peak months for home sales in the US. Sentiment on Wednesday, as gauged by the put-call ratio, ended close to neutral at 0.99. Seasonal charts of companies reporting earnings today: S&P 500 Index TSE Composite