The markets are trading lower today on the back of some renewed global worries.  The dollar is higher. The in spirit of bear flag highlighted by us on Friday did play out nicely.  A new bear flag is starting to form.  It may play out tomorrow as the volume is extremely light.  Light volume can cause patterns to fail on occasions.

Stocks in motion today are Wal-Mart Stores, Inc. (NYSE:WMT).  While the rest of the market is weak, Wal-Mart is surging to a new 52 week high. This is helping hold the markets from larger losses but has to be taken as a little bit of a negative.  Wal-Mart caters to the lower retail side which is best in a bad economy.  Could this mean something?

Baidu, Inc.(ADR) (NASDAQ:BIDU) and Google Inc. (NASDAQ:GOOG) are moving in opposite directions today as reports have emerged that Google is likely pulling out of China.  Google is falling on that news while Bidu, its competitor in China, is surging.  Until it is a done deal, I would not bank on anything.  Google is still king and I find it hard to believe they will not work something out, at least in the long run.

Financial stocks like Goldman Sachs Group, Inc. (NYSE:GS) and JPMorgan Chase & Co. (NYSE:JPM) started the day slightly lower and then surged higher.  They made a valiant attempt at the positive line, holding the market up initially.  However, their daily charts were just too extended.  They fell fast and took the market with them mid morning.

Keep an eye on the markets this afternoon with the in spirit of bear flag in play.  Generally, I would be suprised if it plays out to a great degree with the FOMC meeting results tomorrow at 2:15pm ET.  Stay tuned and join the Research Center at InTheMoneyStocks.

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