GDP Falls, Jobles Claims Rise, Oil and Stocks Fall

DJIA - 205.67, -1.78% SP500 - 16.88, -1.31% NASDAQ Comp. - 4.17, -0.18% Russell 2000 - 4.34, -0.60% Advancers & Decliners NYSE 1,210 1,914 NASD 1,353 1,551 Oil $124.08 - $2.69 Gold $922.70 + $10.40 The DJIA and the SPX were the down the most on Thursday. The Nasdaq spent much of the day in positive territory before closing down for the day. Oil fell again today finishing the month of July with the biggest monthly drop ever, falling $15.92. Just the opposite of yesterday when oil rose and stock rose also, today stocks fell as oil fell. This was in large measure in response to the Jobless Claims report which came in at 448,000 higher than the 398,000 estimate and the second quarter GDP which came in at 1.9% below the estimate of 2.4%. Index Commentary The DJIA after two large white candles formed a bearish engulfing pattern and closed below its 30 DMA and above its 20 DMA The SPX, after two large shaven head white candles, formed a bearish harami while closing below or its 30 DMA The Nasdaq formed a shooting star while closing above its 30 DMA for the third day in a row…sellers did come in at the horizontal resistance in the area of 2,350 as we posted for you to watch for on Wednesday The RUT confirmed its hanging man candle on Wednesday with a doji…closed above its 50 DMA for the third day in a row…sellers appearedin the 721 area below the 200 DMA Earnings Watch Wednesday AMC/ Thursday BMO Earnings Moving Up: ESRX, PRU, AZN, MRO, Wednesday AMC/ Thursday BMO Earnings Moving Down: AKAM, CLF, LVS, OII, OI, DIS, APA, CNX, EK, XOM, GG, MA, PTEN, Thursday AMC Earnings Moving Up: Thursday AMC Earnings Moving Down: MEE, Stock Commentary MA gapped lower and finished the day down. CNX gapped lower and then fell to horizonizontal support at 75 area. POT reversed Wednesday's gain with a bearish engulfing pattern CLF formed a bearish harami in the area of horizontal resistance X held horizontal to Tuesday's earning gap BUCY broke the low of the high day and stayed above the 50 DMA. V formed an evening star MOS formed an bearish harami at the area of a lower high PCLN broke out above its horizontal resistance and its 30 and 200 DMA's...chart target is 132. ESRX bounced on its earnings news closing above ist 20, 30, 50 and 200 DMA Thursday’s Action Moving Up: PCLN, ESRX, RIMM, NIHD, CELG, MS Moving Down: MA, CNX, POT, CLF, X, BUCY, V, MOS, MEE, MON, ARN, AGU, BTU, IPI, CF, BIDU, NUE, STRA, FWLT, GS, USO, AMZN, DECK, SOHU, SCHN, AAPL, JASO, LEH, IBM Intermediate Term Market Trend: Neutral Short Term Market Trend: Up