Markets Fall To New Lows...Gold Jumps $70...Oil Rises

DJIA - 449.36, -4.06% SP500 - 57.21, -4.71% NASDAQ Comp. - 109.05, -4.94% Russell 2000 - 34.27, -4.82% Exchange NYSE NASD Advancing 58 468 Declining 2,830 2,505 Oil $97.16 +$6.01 Gold $850.50 +$70.00 $SOX 312.07 -4.29 Strongest Sectors: XLF -1.59%...XLB -1.87%...XLE -2.10% Weakest Sectors: XLF -9.60%...XLK -5.55%...XLU -4.84% Sector Watch Up Trending: Sideways: XLF, XLI, XLV, XLP, XLY Down Trending: XLE, XLU, XLB, XLK What a day... Gold has its biggest daily price rise since 1980... Oil rose... DJIA, SPX and Nasdaq drop to new lows... All sectors fell including XLE... Gold stocks rise... Airline stocks grounded as oil rises... VIX at highest closing level in over 5 years... Russell 2000 still above July 15 lows... One interesting observation is the SOX Semiconductor index forms an inverted hammer and fails to make a lower low. Semiconductors were relatively stronger than broader markets on Wednesday...watch this index closely for clues to the Nasdaq direction. Index Commentary The DJIA closes below its July 15 low...a new 52-week low...its lowest level in three years...large black candle...R1 is 10,860. The SPX closes at new lows...R1 is 1,183. The Nasdaq breaks support to new 52-week low...R1 is 2,138 The RUT fall below its July 8 resistance high of its double bottom formation and is still above its July 15 low...R1 is 690. Wednesday’s Action Moving Up: SNDK, GDX, AEM, PNRA, Moving Down: GS, BIDU, MA, X, DECK, AAPL, CLF, CF, RIMM, AMZN, MS, NIHD, STRA, CELG, IBM, PCLN, ESRX, MTL, MON, SCHN, MOS, IPI, NUE, AGU, POT, FMCN, WRC, INFY, COH, KMT, AMLN, UAUA, BRCM, LCC, LAMR, ANR, SINA, MER, FSLR, V, BUCY, EXPE, EBAY, SOHU, ONXX Intermediate Term Market Trend: Down Short Term Market Trend: Down