Good day! After finishing last week on a slow note, spending most of the day in a trading range near the session's highs, the market began the week with yet another narrow intraday trading range. Both the Dow and S&P 500 gapped slightly lower into the open, while the Nasdaq sold off into the start of the day. Buying hit with the 9:45 ET reversal period, but most of the strength came in the Nasdaq. As soon as the gap closed in the S&P 500 and Dow, however, the buyers pulled a vanishing act. While the trading up to that point had been choppy at best, it became even more difficult as the morning wore on.

By the end of the day the Dow had fallen 34.02 points, the S&P 500 lost 1.89 points and Nasdaq Composite shed 2.67 points. This left the indices pretty much where they began out of the open. The Nasdaq had the greatest movement intraday, pivoting off the 10:30 ET highs and falling into an Avalanche on the 5 minute charts that broke lower just after 11:00 ET, and then continuing with a bear flag into 12:30 ET. The selling pace slowed after 13:00 ET and the market attempted to pop at 13:30, but the buying was short-lived. By 14:00 the bears had again taken the lead, although even they were not able to mount too great of an upset before the closing bell.

The top sector on the day was oil services, which gained 2.7% on the day. Other sectors managing to post gains, albeit moderate ones, were energy stocks, semiconductors, and networkers. Weakness was located primarily in the biotechs, although transportation stocks, airlines, and brokers also posted losses as a whole. Top gainers on the day were AAPL (upgrade), FLSH (buyout), RMBS, AKAM, PTEN, PD, and BTU. Top losers included AVP (earnings), BA, IMCL (patent suit), and ITRI.

My bias on Tuesday is again more on the bearish side. We still aren't seeing follow through on upside moves for anything other then brief spurts of momentum. My watch list from yesterday is still valid, however, and I will continue to be looking for buying opportunities in the following stocks: FRP, NUVO, ABMD, ASN, MAT, DDR, LYG, CENX, and SRCL. On the short side on the daily time frame, I like FMD.

Economic Reports and Events
Aug. 1: Auto Sales and Truck Sales for July (12:00), Personal Income and Personal Spending for June (8:30 am), Construction Spending for June (10:00 am), ISM Index for July (10:00 am)
Aug. 2: Crude Inventories for 7/28 (10:30 am)
Aug. 3: Initial Claims 7/29 (8:30 am), Factory Orders for June (10:00 am), ISM Services for July (10:00 am)
Aug. 4: Average Workweek, Hourly Earnings, Nonfarm Payrolls and Unemployment Rate for July (8:30 am)

Earnings Announcements of Interest
Only stocks with an average daily volume of 500K+ are listed. List may not be complete so be sure to always check your stock's earnings date before holding a position overnight.
Aug. 1: ADPT, MDRX, ANR, ACAS, AQNT, ITU, CKFR, COH, CDE, CSC, CEI, DPL, EK, ELN, ERTS, EDS, EMR, ENZN, EOG, EOP, EQR, EXPD, FE, FWR, GW, GPI, GTRC, HLT, IINT, IACI, IP, JCOM, MVSN, MRO, MAS, MIG, MWV, TAP, NLC, NRG, NSS, OSK, PKD, PH, PPC, PDE, PEG, KWK, Q, RRD, SIRI, SWN, SBL, TX, TSRA, MOS, SVM, JOE, TWTC, TXU, UPL, VLO, VCLK, VZ, VSH, VC, VNO, XEL
Aug. 2: TFSM, AL, AGN, ALD, AT, ALVR, ADT, ADP, ACLS, ABX, BMRN, BMR, CNQ, CEM, CI, CBB, XEC, CINF, CZN, CLX, CTSH, RIO, CCRT, CNO, ED, DVA, DF, DNR, DVN, EMKR, EQIX, EXTR, GRMN, GSX, GGB, GSF, HL, HOC, HUN, KSU, KFX, LVS, LAZ, LF, MOLX, MCO, MWA, NHP, OGE, PAAS, PGH, PGC, PRU, PSA, PWR, QDEL, RDA, RA, REG, SAFC, SFE, SNY, SGMS, SINA, BID, SM, SBUX, SUN, TWX, TRN, UMC, VPHM, WCG, WLT, WSH
Aug. 3: ABBI, AGU, ATVI, LNT, AEE, AOC, AIV, AMCC, ARTC, BKHM, BWNG, BAM, BRKS, CAH, CECO, CBS, CEPH, CQB, CMS, CTB, CVA, CCI, CVTX, CVS, D, DUK, BOOM, ECLP, EAS, ENN, GTW, GFI, HNT, THX, ICOS, IN, IIP, IRF, IVGN, ISIS, KTC, MFC, MMC, MGM, MOVE, NKTR, NEW, NBL, NUVO, OII, OMX, OIS, PTEN, PDLI, PDC, PXD, PXP, POZN, PPL, PSD, SBAC, SCT, SRE, SKYW, S, SU, TELK, TS, TSO, PMI, PGR, THE, TOPT, TOT, RIG, TYC, UNTD, UVN, VISG, WMG, WMB
Aug. 4: AAUK, GT, KGC, MXIM, MHS, NU, OXY, OMG, POM, TTI, TRI
Aug. 7: AMT, ACF, AHS, ANH, AINV, AXS, BBD, EAGL, EP, ENCY, ENTG, FLR, FTO, HMY, MVL, MDR, MYOG, OSIP, PCLN, RTEC, SONS, YSI, URI
Aug. 8: AFR, BMC, CELL, CVC, CMX, CRL, CHRD, CSCO, CCU, CMLS, DNDN, DIGE, DCEL, HLTH, ETR, FMT, GMST, GGP, GIGM, GSS, KOSP, LAMR, LNC, MGAM, NWS, NUAN, RL, PVX, QSFT, RRI, SAPE, SLE, STX, TEVA, DTV, UMC, WPI, WNR
Note: All economic numbers and earnings reports are in lines with those compiled by Yahoo Finance. Occasionally changes will occur that are made after the posting of this column.

Toni Hansen is President and Co-founder of the Bastiat Group, Inc., and runs the popular Trading From Main Street. She can be reached at Toni@tradingfrommainstreet.com.