Oil, Gold and Stocks Move Lower on Tuesday

DJIA - 176.58, -1.99% SP500 - 20.26, -2.20% NASDAQ Comp. - 35.84, -2.22% Russell 2000 - 10.81, -2.19% Exchange NYSE NASD Advancing 674 723 Declining 2,889 2,119 Oil $59.33 -$3.08 Gold $732.80 -$13.70 SOX 211.43 -3.05 VIX 61.44 +1.46 Strongest Sectors: XLU +0.00%...XLV -1.79%...XLK -2.16% Weakest Sectors: XLB -3.98%...XLY -3.49%...XLF -3.48% Sector Watch Up Trending: Sideways: Down Trending: XLP, XLF, XLY, XLV, XLI, XLE, XLU, XLB, XLK Eight of nine sectors moved lower on Tuesday as the DJIA, SPX, Nasdaq and RUT headed lower towards support. The broad indexes continue in their sideways trading range of the past four weeks moving from resistance to support. Oil and gold also fell on Tuesday. Oil slipped below $60 a barrel for the first time in over a year continuing the intermediate term down trend that we have continually pointed out for more than 3 months. We pointed out on our Monday webcast that the breaking of the 62.45 support on Monday gave a new short-term price target of 53.40 a barrel. Index Commentary The DJIA fell and bounced off the S1 support of its Oct. 28 large white candle…again failed to confirm Friday’s bullish harami. The SPX also fell and bounced off the S1 support of its Oct. 28 candle…failed to confirm Friday’s bullish harami. The Nasdaq traded found support just below the Oct. 28 S1 support level…broke Thursday support low…failed to confirm Friday’s bullish harami. The RUT fell below Monday’s low and closed near its low of the day without a support bounce like the other indexes…did not confirm Friday’s bullish harami…continues to form a potential head and shoulders bottom. Stocks to Watch on Wednesday Leading Stocks Holding Above 30 DMA ANSS…BCR…BIIB…BLUD…EZPW…LFL…OSIP…QSII…RTN….SAY…TECH…TEVA…ESRX…PRGO…UTX Stocks Falling Below 30 DMA BAP…CELG…CHTT…CTSH…DNA…ICON…KNL…MBT…SHW…SYNA…TKC…VIP Monday’s At Resistance Stocks Moved Lower on Tuesday CLI…AVP…DB…CRDN…SPG…DRIV Tuesday’s Action Moving Up: GS, V, BUCY Moving Down: BIDU, SOHU, FSLR, FMCN, CLF, SINA, MON, BTU, CNX, MOS, FWLT, CF, DRYS, AGU, AEM, POT, X, GDX, MA, SCHN, ANR, IPI, PNRA, STRA, AMZN, LDK, NIHD, DECK, INFY, ZION, NUE, GRMN, MEE, ONXX Intermediate Term Market Trend: Neutral – 4 weeks Short Term Market Trend: Down