Markets Mixed as Decliners Top Advancers

DJIA + 70.51, +0.58% SP500 + 1.08, +0.08% NASDAQ Comp. - 15.10, -0.61% Russell 2000 - 5.12, -0.69% Oil closed at $134.35 down $4.19 The DJIA and S&P were up and the Nasdaq and Russell were down. The rally that did occur was not very broad. Decliners led advancers 2,008 to 1,113 on the NYSE and 1,977 to 930 on the Nasdaq. Even with oil prices down today, the energy sector was strong (XLE) along with Metals and Mining (XME) and Materials (XLB). Pharmaceuticals, Biotech, Financials, Semiconductors and Retail were weak. The DJIA and S&P both had bullish harami candle patterns. Look for confirmation tomorrow. On the Nasdaq Composite buying support came in at the 50 DMA and the old horizontal resistance area, now support in the 2,425 area. A breaking of this low support area from May 23 would be a double top pattern confirmation. The Russell had buying come in today the 30 DMA support area. The Russell is coming off a higher high so the current pattern would be a bull flag. Watch for a potential support bounce. Today’s Action Moving Up: MOS, POT, CNX, CF, X, BTU, IPI, RIMM, MON, AGU, CLF, MEE, SCHN, IBM, AA Moving Down: BIDU, FSLR, PCLN, MA, AAPL, GS, USO, LEH, STRA, GRMN, DRYS, V, MS, ESRX, MER, JASO, AMZN, DECK Intermediate Term Market Trend: Down (DJIA, S&P) Short Term Market Trend: Down