Markets Make New Lows

DJIA - 508.39, -5.11% SP500 - 60.66, -5.74% NASDAQ Comp. - 108.08, -5.80% Russell 2000 - 36.95, -6.20% Exchange NYSE NASD Advancing 458 554 Declining 3,067 2,418 Oil $90.06 +$2.25 Gold $882.00 +$15.80 $SOX 257.96 -16.81 Strongest Sectors: XLV -2.42%...XLP -3.18%...XLI -3.32% Weakest Sectors: XLF -10.56%...XLY -6.42%...XLE -5.48% Sector Watch Up Trending: Sideways: XLF, XLP Down Trending: XLY, XLV, XLI, XLE, XLU, XLB, XLK Health Care XLV and Consumer Discretionary XLY joined the list of down trending sectors. Financial XLF is in its support area and may be the next to change from sideways to down. 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. Gold and oil moved higher. Energy stocks moved lower while some individual gold stocks move higher: AEM, GG, GOLD…the ETF GDX moved lower. Index Commentary The DJIA, SPX, Nasdaq and RUT all formed large black candles with that fell below Monday’s lows. Each index closed at or near its low with essentially no lower shadow as there was yesterday. Tuesday’s Action Moving Up: AEM, SINA, Moving Down: FSLR, GS, MA, X, BIDU, ESRX, ZION, PNRA, DECK AMZN, MER, DRYS, LDK, CLF, KBE, KRE, BTU, SCHN, MOS, CNX, ANR, NUE, MEE, GRMN, FWLT, AGU, MON, IPI, PCLN, NDAQ, UAUA, HANS, RF, LCC, V, BUCY, NIHD, CF, JASO, FMCN, COH, EBAY, BRCM, LAMR, INFY, ONXX, KMT, EXPE Intermediate Term Market Trend: Down Short Term Market Trend: Down