Dow Moves Below 10,000

DJIA - 369.88, -3.58% SP500 - 42.34, -3.85% NASDAQ Comp. - 84.43, -4.34% Russell 2000 - 23.49, -3.79% Exchange NYSE NASD Advancing 283 472 Declining 3,261 2,582 Oil $87.81 -$6.07 Gold $866.20 +$33.00 $SOX 274.77 -9.97 Strongest Sectors: XLI -2.62%...XLY -2.81%...XLP -2.90% Weakest Sectors: XLK -5.53%...XLE -5.38%...XLF -5.22% Sector Watch Up Trending: Sideways: XLF, XLV, XLP, XLY Down Trending: XLI, XLE, XLU, XLB, XLK The Technology, Energy and Financial sectors led all sectors lower and the DJIA below 10,000 for the first time since 2004. The DJIA had its largest intra-day point drop in history today. Advancers led decliners by more than 9 to 1 on the NYSE. The trend continues to be down. Keep in mind that when support is broken it is probable for the market to fall to the next support level. Stay with the trend until technical evidence shows a trend reversal. The market did find some buyers late in the day and that caused lower shadows on Monday’s black candles. With the large move down over the past three days, don't be surprised if sellers take a rest on Tuesday. Watch Monday's high as a key short-term resistance area. If the market can't move through there before a rally ends expect a move back to support. Gold moved up $33.00 while oil moved to under $90 for the first time since early February. HANS has again dropped below its breakout level and near its recent support level. KRE bounced off its 200 DMA and was relatively stronger than the broad market and financial sector. NTRI again had a failed support bounce on Monday. Index Commentary The DJIA, SPX, Nasdaq and RUT all formed large black candles with long lower shadows indicating that buyers starting buying late Monday. Watch if Monday’s low becomes an area of support that holds. Monday’s Action Moving Up: MA, BIDU, PNRA Moving Down: POT, MON, GS, X, MOS, STRA, ESRX, ZION, DRYS, FSLR, LDK, NIHD, SOHU, MER, CF, HANS, ANR, AEM, FWLT, SCHN, IPI, AGU, GDX, BUCY, ONXX, CLF, AMZN, INFY, KMT, V, FMCN, COH, EBAY, BTU, NUE, KBE, NDAQ, UAUA, RF, LAMR Intermediate Term Market Trend: Down Short Term Market Trend: Down