Oily Dilemma,Bounty contracts.

US and China business leaders, including former US National Security Advisor Brent Scowcroft (2nd L), US Chamber of Commerce President Tom Donohue (3rd L) and China's Vice Premier Wang Qishan (2nd R), share a toast after a business partnership signing ceremony at the US Chamber of Commerce in Washington June 16, 2008. [Agencies]


Representatives from US and Chinese companies on Monday signed 71 contracts and agreements worth $13.6 billion in total in Missouri and Washington D.C.
Wang and US Treasury Secretary Henry Paulson will co-chair the fourth round of the SED between June 17 and 18 at the US Naval Academy in Annapolis, Maryland, about a 30-minute drive from Washington.
Tracking the Dow on Monday,16/06/08

9:30am--Oily Slide of 70.0 points.

Crude oil sets new record of $139.89; currently trading +3.70 at 138.58.

10:30am--Retracement To Half Body,Shooting Star.

The June NY Empire Manufacturing Index, a regional manufacturing survey, fell to -8.7, compared to the consensus estimate of -2.0. Lehman Brothers (LEH) reported a loss of $5.13 per share, which was in-line with the firm's preannouncement.

Candle pattern:-Black with long lower shadow.

11:30am--Hangman,Dojis at MAV line.

A brokerage downgrade of General Electric (GE 28.73, -0.42), record crude prices, and a worse-than-expected regional manufacturing survey is weighing on the market.

12:30noon--A bullish spike up.

The Dow has remained in negative territory throughout the session. Dow components Verizon (VZ 36.32, -1.01), AT&T (T 35.65, -1.03) and General Electric (GE 28.74, -0.41) are all under pressure after being downgraded by brokerage firms.

1:30pm--A double Hammer.

Crude oil is now trading down 0.7% to $133.90 per barrel -- which is $6 less than its all-time high that was reached early this morning. The stock market climbs into positive territory thanks to mostly broad-based buying interest, with notable strength within tech (+0.7%) and other large-cap names within the Nasdaq 100 (+1.1%).Open Sell-short the market.

2:30pm--Hangman with long lower shadow.

Overall candle pattern now:a black body with long undercurrent.

3:30pm--Graveyard Dojis + grave diggers.

The Day's MAV has been reached.

Candle pattern:Bearish hammer.

4:00pm--A morning star.

A rebound in the offing.

Along the path of ascending movement.The stock market settled unchanged on Monday, as strength in financials offset weakness in consumer staples and telecom.
Much of the action, however, was outside of the stock market, with crude prices going on massive $7 swing from peak to trough.