Stocks & Gold Lower, Oil Up 52 Cents

DJIA - 241.81, -2.08% SP500 - 25.36, -1.96% NASDAQ Comp. - 49.12, -2.03% Russell 2000 - 17.06, -2.31% Exchange NYSE NASD Advancing 700 632 Declining 2,418 2,228 Oil $115.11 +$0.52 Gold $825.70 -$7.70 $SOX 360.50 -5.70 Strongest Sectors: XLU -1.06%...XLK -1.29%...XLE -1.30% Weakest Sectors: XLF -3.52%...XLY -2.80%...XLB -2.16% Oil was higher at the open, went negative and then rose to close up 52 cents. Gold was down on Monday also. It appears that it wasn’t so much oil rising as it was the weakness in financials all day long. Especially banks like BAC, JPM, USB, DB, IBN, and WFC. Regional banks that were down big today included STI, PNC, CMA, MTB, NTRS, BBT and STT. This combination of mixed oil prices, lower gold and lower financials sent not only the broad indices lower but also the commodity related stocks. Economic news that seemed to set the tone early was existing home sales rose in July, but that inventories also rose to a record 4.67 million homes. This record supply is adding pressure on falling prices. Our short-term trend status is neutral. Sector Watch Up Trending: XLI, XLK, XLP, XLV, XLY Sideways: XLB, XLF Down Trending: XLE, XLU Monday’s Action Moving Up: LDK, AMLN, AEM, CF, DRYS Moving Down: DECK, PCLN, STRA, RIMM, AAPL, AMZN, ESRX, IBM, MA, X, BTU, POT, MEE, MON, CNX, FSLR, GS, CLF, BIDU, MER, FWLT, SCHN, NUE, GRMN, COH, FMCN, NIHD, INFY, CELG, BRCM, LAMR, HANS, MTL, KMT, NDAQ, ONXX, MS, WRC, IPI, LEH, EXPE, V Intermediate Term Market Trend: Up Short Term Market Trend: Neutral