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Oil was down another $5.00 per barrel today, yet that failed to cause a major rally despite a $9.00 in just two days. Today's end of day rally was led by financials after an FDIC conference which led to excitement about the sector. If you were looking for any brightness in home sales, May's pending home sales came in at -4.7% year over year. We also saw wholesale inventories in May rise by +0.8%. Perhaps more interesting is that the MAY Consumer Credit rose more than expected to $7.8 Billion. Below are the unofficial closing bell levels for today:
DJIA 11,384.21 (+152.25)
S&P500 1,273.68 (+21.37)
NASDAQ 2,294.42 (+51.10)
10YR T-Note 3.88% (-0.05%)
52-WEEK LOWS
TOP 10 ANALYST CALLS

Hank Paulson's speech gave some support after his speech didn't ring of the "Death of GSE's" and shares of Fannie Mae (NYSE: FNM) were up over 10% at $17.40 in today's final minutes.

If we told you that a $3.00-plus drop in the price of oil wouldn't cause a major stock rally, it might only not be a surprise the bears who believe we are headed lower no matter what. Today was one where the markets spent much time in negative territory and then recovering towards the end of the day before making one last dive. If you think it was a quiet day, we had nearly a 300-point difference between today's high in the morning and the lows before today's recovery. These are today's unofficial closing levels:

• DJIA 11,227.72 (-60.82)
• S&P500 1,252.64 (-10.26)
• NASDAQ 2,243.11 (-2.27)
• 10-YR T-Note 3.93% (-0.043%)
• 52-Week Lows
• Top 10 Analyst Calls

The Walt Disney Company (NYSE: DIS) saw a severe downgrade after Lehman cut it to Underweight on its premium to peers and weakness tied to Theme Park exposure. Shares were down over 2% at $30.22 in today's final minutes.

Today was a good end to a strange trading week, while many shares had light volume with today's half-day trading session. Non-Farm payrolls declined worse than expected to 62,000, and May was revised higher to 62,000 jobs lost as well. The ISM non-Manufacturing came in again under 50 at a very weak 48.2, signaling growth isn't back to being close to the table. The dollar traders were probably less than thankful after the European Central Bank raised its overnight rates and as oil neared $146.00 per barrel intra-day. These are today's unofficial closing bell levels:

• DJIA 11,288.79 (+72.79)
• S&P500 1,262.88 (+1.36)
• NASDAQ 2,245.38 (-6.08)
• 10YR T-Note 3.963% (+0.004%)
• 52-Week Lows
• Top Analyst Calls

We actually handed an award to analysts for a tie in the Worst Analyst Calls of the Week. They were that late.

Abbott Labs (NYSE: ABT) saw a rise of almost 1% to $54.75 after the FDA approved its XIENCE drug eluting stent.

NVIDIA (NASDAQ: NVDA) saw a horrific drop after the company's earnings warnings. This is what happens when your new product fails enough that it increased the severity. Shares were down 30% at $12.49 at the close.

Penn National Gaming (NASDAQ: PENN) actually rose despite the merger finally being called off. We knew this was coming. Shares closed up 3.7% at $29.66 today.

Have a great weekend, and remember markets are closed Friday in observance of the July 4 holiday.

Jon C. Ogg

After a brief refreshment, today just ended up being ugly rather than what many were hoping would be a boring day. Today's action was likely due more to analyst concerns, but a late-day news report on a security breach scare at LAX airport may have added stress to a trading day that would have otherwise been quiet. The markets are grossly oversold, but there just seems to be very few reasons for traders to hit their "BUY" buttons on keyboards.

These are UNOFFICIAL closing bell levels for major index readings:

• DJIA 11,218.77 (-163.49)
• S&P500 1262.24 (-22.67)
• NASDAQ 2251.46 (-53.51)
• 10 YR T-Note 2.959% (-0.033%)
• 52-WEEK LOWS
• Top 10 Analyst Calls

General Motors (NYSE: GM) was the daily disaster due analyst call. Merrill Lynch downgraded the stock to Underperform and noted that "the chances of bankruptcy aren't impossible." 24/7 Wall St. noted the same weeks before, and we even posted odds on what the chances are that major auto or airline companies would have to file for protection by the end of 2008 to early 2009.

The bulls got to lead the first day of the quarter, although we would note that if today was the norm that trading volatility isn't slowing down regardless of the direction. Oil rose again toward session highs on tensions and the usual myriad of reasons we cite for oil rising (yes, it's that routine). Here are today's unofficial closing levels:

• DJIA 11,381.77 (+31.51)
• S&P500 1284.89 (+4.89)
• NASDAQ 2304.97 (+11.99)
• 10YR T-Note 3.992% (+0.013%)
• 52-WEEK LOWS

We actually saw many financial sector upgrades from research firms today, which sent many of the corresponding shares higher in what feels like a "for once" statement. We would caution that later in the day an analyst report did note other banks would need more capital (again).

Time Warner Inc. (NYSE: TWX) reaches an interesting milestone this morning. The terms of its paid search advertising deal with Google Inc. (NASDAQ: GOOG), give the search giant the right to require AOL to register Google's 5% equity interest for sale in an initial public offering as of July 1, 2008.

It isn't a forced IPO of the unit -- or at least it doesn't have to be. Time Warner has the right to purchase Google's equity interest for cash or shares of Time Warner common stock based on the appraised fair market value of the equity interest in lieu of conducting an initial public offering.

FULL DETAILS can be seen in this filing for the terms and exceptions.

It is hard to know what Google will do, but I think Google will likely want to keep the AOL stake. If not, it is pretty hard to imagine Time Warner chief Jeff Bewkes allowing 5% of AOL to go public (in this lousy market) or be sold to someone that the company wasn't fully on board with. It seems he'd have little choice but to buy back the equity interest.

Win or lose, after two years time's finally up.

The good news is that we saw a Monday buying interest spree after a horrible prior week. Sellers did come in late in the day after the markets traded higher earlier, putting the markets on the verge of a negative day. The bad news is that today was the end of the quarter and it looks like we have now finished down three consecutive quarters in the U.S. stock market. Whether or not it is a bear market seems to depend on whom you consult, but things are tough for the public investor right now. This morning oil was around $143.00 on fresh Iran-Israel tensions and here were the unofficial closing bell levels today:

• DJIA 11,338.78 (-7.73)
• S&P500 1,279.21 (+0.83)
• NASDAQ 2,292.98 (-22.65)
• 10YR T-Note 3.979% (-0.011%)
• TOP 10 ANALYST CALLS

General Electric Company (NYSE: GE) did finally see a bounce after a research analyst came out showing anecdotal evidence that the current discount to the market is very close to major inflection points. Shares of GE were up 1.7% at $26.69 in today's final minutes.

What the fundamentals couldn't help with, the charts did.... on selling. If you don't want to blame the charts, you could always point to Goldman Sachs downgrades and a myriad of everything else. The DJIA and S&P 500 Index broke early-year support levels. We even saw oil cross above $140.00 per barrel in electronic trading. Thankfully, there's no speculation driving up oil, because the speculators buying say they aren't driving up prices.

Q1 GDP was revised up 0.1% to 1.0%, although the data is now as old as the hills. While existing home sales posted a gain, we saw yet another median housing price drop. If this sounds overly pessimistic, it is simply because this is the sort of day it was. It even feels like Dr. Pangloss took the summer off.

Here are the unofficial closing bell levels:

• DJIA 11,456.92 (-354.91)
• S&P500 1,283.42 (-38.55)
• NASDAQ 2,321.37 (-79.89)
• 10YR T-Note 4.033% (-0.082%)
• 52-Week Lows
• Top 10 Analyst Calls

Citigroup Inc. (NYSE: C) was the first casualty on a Goldman Sachs downgrade accompanies by a note that the company may cut the dividend or need cash. Those shares were down 6% at $17.70 in today's final minutes.

Today was a coin toss going into the FOMC meeting, and even after the meeting. The market could have gone either way today when the Federal Reserve said it is hoping inflation to come down later in the year and that it isn't that hawkish on inflation versus growth. Traders took the stance that rates will not be running rampantly higher by the end of summer. The other news on the economic front didn't inspire much either, as new home sales and prices in may continued their decline. Oil prices fell at one point more than $4.00 per barrel after an increase in inventory levels.

Below are the unofficial closing levels for today:

DJIA 11816.63 (+9.20)
S&P500 1322.36 (+8.07)
NASDAQ 2400.89 (+32.61)
10YR T-Note 4.115% (+0.01%)
52-Week Lows
Top 10 Analyst Calls

NASDAQ short interest came out today and showing marked bets against technology and more bets against solar power stocks.

Amgen Inc. (NASDAQ: AMGN) saw a rise despite the short selling interest with bets against the company having risen by more than 100% to 48.4+ million shares as of June 13. Shares were up 1.3% at $46.98 in today's final minutes.

If you were looking for help from the economic front or from the oil patch today to help out the market, that wasn't in the cards. Home prices plunged by a record 15.3% from may 2007 to May 2008. Consumer confidence also came in at a 16-year low. From bottom to top to bottom we had more than a 150 point trading range in the DJIA today. These are the unofficial closing levels:

• DJIA 11810.04 (-32.89)
• S&P 500 1314.54 (-3.46)
• NASDAQ 2368.28 (-17.46)
• 10YR T-Note 4.105% (-0.063%)
• 52-week lows
• Top 10 Analyst Calls

Eastman Kodak Co. (NYSE: EK) saw a sharp rise with shares up 15% at $4.20 late in the day after the company announced a large IRS refund and a $1 billion buyback to retire close to half of its stock.

Eli Lilly & Co. (NYSE: LLY) hit the 52-week low list and a multi-year low earlier today before recovering list after the FDA delayed a decision on its anti-clot blood thinning drug, with shares down some 1.5% at $46.87 in the final minutes today.

Kroger Co. (NYSE: KR) saw shares rise a sharp 7% with shares at $27.88 in the final minutes today after the company raised guidance.

Reliance Steel (NYSE: RS) saw shares up after the company raised its own guidance again. Its shares were only up 0.5% at $73.85 in the final minutes of the trading day. Shares were up over 5% at the start.

United Parcel Service Inc. (NYSE: UPS) saw a drop after the company came clean and fessed up that high fuel prices and low demand for premium delivery services were hurting business domestically and abroad. Shares were down 6% at $62.26 late in the day.

Today felt like a traditional summer Monday with plenty of market winners and losers and the general sense that it was a wash day. So the Saudis agreed to boost production, but oil still rose to near $137/barrel today in a move that is becoming all too familiar. The markets are getting ready for the two-days before the FOMC announcement on the rate decision, so you can expect the talking heads to come out of the woodwork ahead of this. Here were today's unofficial closing bell levels:

• DJIA 11846.27 (+3.58)
• S&P500 1318.30 (+0.37)
• NASDAQ 2385.74 (-20.35)
• 10YR T-Note 4.168% (+0.031%)
• 52-WEEK LOWS
• TOP 10 ANALYST CALLS

Advanced Micro Devices, Inc. (NYSE: AMD) fell harder than most techs, and the news may have been some highly unusual put options activity in the stock. Shares were down 6% at $6.57 in today's final minutes.

Barrier Therapeutics (NASDAQ: BTRX) also saw a rise of more than 100% to be at $2.27 late in the day after a $4.15 buyout offer from private Stiefel laboratories.

Circuit City Stores, Inc. (NYSE: CC) is down as analysts and others are doubting whether or not the company will allow itself to be acquired. We saw a drop early on And shares were down 20% to $3.42 in the final minutes today.

Corn Products International Inc. (NYSE: CPO) saw an 18% rise by the end of the day with shares at $50.65 after Bunge Ltd. (NYSE: BG) agreed to acquire the company.

So much for "geopolitical risk" not being a factor in the markets, and for that matter so much for the bulls. Today was a psychological blow for traders as the DJIA crossed under the 12,000 level today. Israel's conducting of a training exercise to bomb Iranian nuclear facilities was the excuse needed for the bears to assume full control. Oil prices rose over $2.00 per barrel to $134.77 today, even ahead of the weekend meeting to explore ways to boost Middle East refinery production. Throw in the excuse of a Quadruple Witching Day on top of it and that's all she wrote. These are the unofficial closing levels for major US index levels:

DJIA 11,842.69 (-1.8%)
S&P500 1,317.93 (-1.9%)
NASDAQ 2,406.09 (-2.3%)
10 YR T-Note 4.137% (-0.06%)
52-WEEK LOWS
TOP 10 ANALYST CALLS

Here is a partial earnings calendar for next week's big technology earnings on deck.

Cincinnati Financial Corp. (NASDAQ: CINF) managed to buck much of the downward trend today despite the company's poor guidance comments after losing money on investments and its insurance exposure to the massive Midwest Flooding. Shares were up 0.6% at $28.78 in the final minutes of trading today.

Stocks were up today, but less than you might imagine after a large drop of more than $4.00 on oil in late-day prices. So much for Goldman Sachs' raising oil target again today, as well as lifting the oil services sector and upping price targets for some of the sector's stocks .

Here are today's unofficial closing bell index levels:

• DJIA 12062.93 (+33.87)
• S&P500 1342.86 (+5.05)
• NASDAQ 2462.07 (+32.36)
• 10YR T-NOTE 4.199% (+0.045%)
• 52-Week Lows
• Top 10 Analyst Calls

Evergreen Solar Inc. (NASDAQ: ESLR) was one of the huge winners today with shares up over 20% at $12.33 in today's final minutes. The company announced a huge second round contract that added significantly to its backlog.

Huntsman Corporation (NYSE: HUN) imploded after its private equity buyout was officially notified as "being killed" by the buyers, and shares were down 38% at $12.79 at the end of the day. Mark that as an all-time low.

How would one describe today other than as a real disappointment? The DJIA broke 12,000 for the first time since March and the pressure here makes one wonder if that magic psychological level will hold. Oil was up over $136/barrel late in the day over strikes in Nigeria and lower inventories.

Here are today's unofficial closing levels:

• DJIA 12036.38 (-123.92)
  
• S&P500 1338.71 (-12.22)
  
• NASDAQ 2429.71 (-28.02)
  
• 10YR T-Note 4.154% (-0.071%)
• 52-WEEK LOWS
• Top 10 Analyst Calls

AMR Corp. (NYSE: AMR) saw another drop of almost 5% by the final minutes, down to $5.42, after the company presented its estimates on fuel use, costs and hedges today at a Merrill Lynch Global Transportation Conference.

Any relief we would have been seen in financial stocks was knocked down by a solid PPI reading and by more worries about banking stocks. We also saw a report from The Federal Reserve reporting that industrial productions fell by -0.2% in May, and plants were running at the lowest capacity in almost three years at 79.4%. As you'd expect, we also saw a decline of -3.3% in new housing starts to an annual rate of 975,000, and that represented more than a 10-year low. These are the unofficial closing bell levels for major US index levels:

• DJIA 12159.65 (-109.43)
• S&P500 1350.90 (-9.24)
• NASDAQ 2457.73 (-17.05)
• 10YR T-NOTE 4.225% (-0.02%)
• 52-WEEK LOWS
• Top 10 Analyst Calls

And the best news of all may be if you believe T. Boone Pickens comment that oil speculators aren't helping the increase in oil prices.