Sell Oil,Buy Stocks.

The oil rally, once in overdrive, has run out of gas, igniting a stock-buying binge.

Lower oil prices have also lessened fears that inflation would spiral out of control.
Oil is the key driver of the stock market right now

Big investors, such as hedge funds and pension funds, pulling money out of the oil market amid signs of weaker demand in the USA and overseas. The Energy Information Administration said Wednesday that gasoline demand fell 2.4% the past four weeks, a sign higher prices are cutting into usage.

Tracking the Dow on Thursday,24.07.08
9:30am--10.00 points gap down.

A mixed opening loomed for stocks Thursday as investors digested a sharp drop in Ford profits, strong results from Amazon.com, and awaited word about the strength of the troubled housing market.

10:30am--1st Hour low.Technical rebound with hangman seen.

Main candle,a near shaven top with a 100.0 points long black candle.Any rebound shortlive so no action taken.

11:30am--Small bullish hammer at 2nd hour low.

The Labor Department reported that new unemployment claims rose to a much bigger-than-expected 406,000 last week, a level not seen since hurricanes devastated the Gulf Coast in September 2005.

12:30pm--The bears still pressuring near the morning session low.

Oil futures rose 36 cents to $124.80 in electronic trading.

1:30pm--Mutiple hangman

Ford reported a huge $8.7 billion net loss for the second quarter, and said it would restructure its North American product line to include more of the more fuel-efficient vehicles now made in Europe.

2:30pm--Bears continue hammer.

It's session low again.Also driving down stocks was a report from the National Association of Realtors that showed homeowner sales fell 2.6% to a lower-than-expected 4.86 million annual rate in June.

3:30pm--The bears growled.

It hurts,it's bleeding.Economic weakness put a damper on a strong recent run by financial shares, as investors worried that the longer the weak economy drags on, the longer the credit crisis will be exacerbated.

4:00pm--Day's low end with a bearish candle.

Renewed fears about the battered housing market and rising unemployment sent stocks into a tailspin Thursday.

On the whole the market is still in the bull county and today's market is another overdone intentionally by the shorties.

They might be capitalising on the Asian market indicies of which most will be expiring next week month's end.The rollover of contracts for Asia starts Monday.That's a smart move,very deceiving.