Stocks Decline, Dollar Sinks, Gold and Oil Soar

Stocks declined on Thursday, not surprisingly after the large two-day run-up. Today's Market Bias page showed a number of bearish signals, including multiple CVR sell signals. As mentioned earlier, with the market trading back above the 200-day MA, these signals tend to suggest the time to lock ion gains may have arrived. That turned out to be the case once again today.

The Stock Indicators page further reinforced the view that the market was overbought, with very few stocks appearing on the bullish lists, while the bearish lists are full of potential candidates.

In earnings news. Goldman Sachs and Bear Stearns reported today, along with AG Edwards (see below).

The U.S. dollar sunk to a new low versus the euro, gold hot a 27-year high, and crude oil closed above $83, another record high.

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