Theme of the Week: Oil Down, Markets Rally

1:48 ET DJIA -13, SPX +0.42, Nasdaq +17, RUT, +6, SOX +0.71, Oil -$2.19 ($123.30) It's definitely appropriate that on Friday, the theme of the week takes center stage...oil down, stocks up. Oil is down today and the market is up. The market hit an early morning low about 15 minutes into Friday's trading session. Then rallied significantly for the next 3o minutes. Since about 10:15 ET it has been pretty much consolidation with the market trading below its high of the first 45 minutes. The Nasdaq and RUT continued their rally until about 11 am ET before consolidating. The indices are essentially forming bullish harami in the lower half of yesterday's large black candle, below the R1 mid-section. The key question is this the beginning of a reversal of a one day pull back, or simply a pause that refreshes sellers before the next step down? Watch the charts for a break above Thursday's R1 level or a break below Thursday's lows. Friday's Action Moving Up: MEE, POT, CLF, X, BTU, MTL, SCHN, MOS, ANR, MON, MA, CNX, AAPL, ESRX, CF, CELG, V, AGU, FWLT, RIMM, EBAY Moving Down: BIDU, SOHU, FSLR, USO, MER, IBM, GS, LEH, DECK, MS