Bin Laden rally fades as market views economic data

The Dow Jones Industrial Average ($DJI) ended the day a loss of 3.18 points, or 0.02%, and closed at 12,807.36 on Monday. Despite the overall loss on the day, over half of the Dow's thirty index components ended the session in the black. The top performers were Alcoa (AA) (+1.29%), American Express (AXP) (+1.16%), Merck (MRK) (+1.00%), and IBM (IBM) (+0.92%). The weakest performers were Chevron (CVX) (-1.15%), Exxon Mobil (XOM) (-1.15%), DuPont (DD) (-1.06%), and Intel (INTC) (-1.04%).

The S&P 500 ($SPX) fell 2.39 points, or 0.18%, and closed at 1,361.22. The strongest percentage performers in the index were Forest Labs (FRX) (+4.76%), Gilead Sciences (GILD) (+4.71%), International Paper (IP) (+4.57%), Cephalon Inc. (CEPH) (+4.01%), and Owens Ill. (OI). The weakest were Whole Foods (WFMI) (-4.97%), Helmerich & Payne (HP) (-4.81%), Tellabs (TLAB) (-4.08%), and Baker Hughes (BHI) (-4.02%).

S&P 500

The Nasdaq Composite ($COMPX) ended the session lower by 9.46 points, or 0.33%, on Monday and it closed at 2,864.08. The strongest performers in the Nasdaq-100 were Gilead Sciences (GILD) (+4.71%), Cephalon Inc. (CEPH) (+4.01%), Teva Pharmaceutical (TEVA) (+3.37%), and (AMZN) (+2.75%). The weakest were Whole Foods (WFMI) (-4.97%), Applied Materials (AMAT) (-3.44%), eBay (EBAY) (-2.18%), and Citrix Systems (CTXS) (-2.11%).

Nasdaq 100

On the 15-minute time frame heading into Tuesday morning, the overall pace of the downtrend has slowed and the index futures have been establishing a series of slightly lower lows. This will make it possible for the market to correct off the short-term lows this morning, but price action to begin with will favor the day traders since the momentum of the smaller price shifts on the 5 minute time frame will play a large role in the overall direction of the day's action.

Some of the major earnings reports to keep an eye on this week are Pfizer (PFE), Avon (AVP), Legg Mason (MA), and MasterCard (MA) on Tuesday; Kellogg (K), News Corp. (NWSA), and Transocean (RIG) on Wednesday; Kraft Foods (KFT) and Sara Lee (SLE) on Thursday; and Washington Post (WPO) and Weight Watchers (WTW) on Friday.

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