Dow Rut Up, Nasdaq, SPX, SOX Lower

DJIA + 15.96, +0.14% SP500 - 2.60, -0.20% NASDAQ Comp. - 15.51, -0.66% Russell 2000 + 3.40, +0.46% Exchange NYSE NASD Advancing 1,610 1,486 Declining 1,483 1,312 Oil $109.35 -$0.36 Gold $808.20 -$2.30 $SOX 335.54 -14.83 Strongest Sectors: XLF +1.57%...XLV +0.58%...XLY +0.51% Weakest Sectors: XLU -1.59%...XLK -1.33%...XLP -0.74% Oil fell and recovered again on Wednesday closing down slightly. Tech, oil and commodity related stocks fell lower. The semiconductor index was down over 4%. The SOX weakness suggests more downside for the Nasdaq and could be the beginning of a trend change for the broader index. Advancers led decliners on both the NYSE and Nasdaq on Wednesday. Retail, financials and health related issues are strongest at this time along with airline stocks: AMR, CAL, DAL, LCC, UAUA. Continue to watch key support areas on Thursday. Sector Watch Up Trending: XLI, XLK, XLP, XLV, XLY Sideways: XLB, XLF Down Trending: XLE, XLU Index Commentary The DJIA formed a hammer near support in its sideways trend. The SPX also formed a hammer near support in its sideways trend. The Nasdaq closed right at its 50 DMA and closing below its horizontal breakout area around 2,350. The RUT held at its short-term support level at its 20 DMA and closed above its 200 DMA for the eighteenth straight day. The RUT continues to be the strongest of the four broad indices. Wednesday’s Action Moving Up: ESRX, GS, CELG, PNRA, MS, AAPL, AMLN, LEH, MER Moving Down: BIDU, FSLR, BUCY, MA, POT, ANR, MOS, CNX, MEE, DRYS, CF, CLF, V, SOHU, JASO, AGU, IPI, PCLN, RIMM, LDK, STRA, FMCN, MTL, DECK,BRCM, NIHD, ONXX, WRC, AMZN, BTU, SCHN, FWLT, GDX, MON, SINA, X, GRMN Intermediate Term Market Trend: Neutral Short Term Market Trend: Neutral