Oil Pulls Back and Stocks Continue to Move Lower

At mid-day oil has given back part of it early gains and is at 144.15 up $2.50. The DJIA and SPX have stayed below their recent support. The Nasdaq has pushed to its July 2 low and the RUT has moved just below yesterday's low but is still above the 651.92 low reached on Monday July 7. This is just more of the down trend the markets have been in for the past several weeks which is very positive for those trading with the trend. Coal stocks have given up their early gains. KOL and ANR are negative. BTU, CNX and MEE are slighty positive for the day. Ag-related stocks have also given up their early gains with AGU, CF, MOS and POT all negative at this time. Financial stocks are all moving lower: XLF, GS, LEH, MER, MS Mid-Day Friday Action Moving Up: USO, CLF, MA Moving Down: (almost everything) BIDU, GS, DECK RIMM, FSLR, X, PCLN, POT, AAPL, LEH, DRYS, AMZN, SOHU, MON, FWLT, V, NUE, ESRX, STRA, ESRX, MOS, MER, CF, IBM, CELG, IPI, AGU, MS, ANR, GRMN, SCHN