The Closing Look

Stocks ended mixed on Monday after a slew of commodity stocks fell hard as biotech and a few big cap tech stocks rallied.  Elsewhere, gold and silver fell hard as the hot money moved out of commodities and into beaten down areas of the market like biotechs. China’s stocks fell after the country reported a -10.9% decline in imports and a -1.8% decline in exports from the same period last year. The weaker than expected trade data bodes poorly for the global economy.

Gary’s Thoughts: Commodities continue the ugly off of their recent top. Many names mugged below support/moving averages. Not thrilled yet!