Friday, July 11, 2008

Oil Moves to Record High, Indices Moving Lower

Oil is trading at 146.40 up $4.75 in early trading. This is a record high and the broad stock indices are moving lower this morning. Ag-related stocks are stronger: AGU, CF, MOS, POT The coal sector is stronger: KOL, ANR, BTU, CNX, MEE Financials are lower: XLF, GS, LEH, MER, MS The DJIA and SPX are breaking recent short term support. The Nasdaq is at recent support levels. The RUT is lower but still several points above its lows this week. AAPL is lower, forming an inside day and still inside its bear flag pattern. FSLR is forming a bearish harami in early trading as it pauses in its recent support bounce. BIDU after falling below its double bottom breakout is moving lower towards support. X is down modestly and forming an inside day. We'll be back in about 12 ET to update further...

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