There are a few items to mention this evening. The big moves were in the "momo" stocks, momentum stocks for those of you new to the game. The advancers were over on the NASDAQ where the four horsemen had big pushes and pretty much everything else was either flat or slightly down. So, if you're in the horsemen, good for you. The four horseflies as Fleck calls them at AAPL, RIMM, GOOG, and AMZN, all had multiple point up days creating an illusion of strength on the NASDAQ.
As for Ryder trucks there was some different news. Ryder warned on earnings and made statements that would make the Update proud. They said that economic weakness is spreading beyond housing and construction. This news drove the Transports down over 1% even as oil dropped $2 a barrel.
Speaking of oil dropping, we note that gold was down also. This happens to be after what looks like a failed attempt to move to a higher price than last week. So, we have oil and gold going down along with the transports. The bond market was closed because of Columbus day but the dollar was up again.
You probably recall that we have said that the oil market has traded up with the stock market which doesn't really make sense generally but in this market is happening. Now that oil seems to have peaked again, the stock market should start its descent as well. We think both are driven by the same fundamentals and in this case, dollars chasing them looking for a home.