It’s a hazy summer session with nothing standing out except the now precipitous pullback in crude oil. As a global proxy it’s critical for crude to find support, but it’s already taken out key technical levels.  On the upside, a close above $46.00 might be a buy signal. For now oil is lower, and to a degree, having a negative impact on stocks.

The major indexes are trading near the low of the day at noon.  Decliners (64%) are running about double advancers (34%) with down volume (72%) significantly stronger than up volume (27%). The Dow is at a little bit of near term support around 18,500, and then is vulnerable to 18,100. Losses are accelerating after BGC downgraded Apple (AAPL) ahead of its earnings tomorrow after the bell.  We are looking at the same old numbers on the S&P at 2100. It’s a good thing for a test of old resistance to become new support. 

We are going to sit on the sidelines for the rest of the day.