Sulaman Chaudhry and Andy Cole send: Just a few charts for today:

The S&P continues to be in a downtrend from last week. As we’ve stated in earlier posts, the fundamentals have not improved enough to sustain this rally. The jobs data last week came in worse than expected, and we feel that this is a number that can only rise in the near-term, primarily because Chrysler just closed 789 dealerships and General Motors (GM) is in the process of closing down another 1,100 dealerships. This will no doubt influence the jobs data signifigantly in the coming months and while we could have another upleg before the final wave down, it might be a good idea to start re-evaluating long positions to the short side.

Gold (ETF: GLD) continues to perfom very well and there is still room for an immediate move to about $92.15. From there we could see a bit of a pullback to the 50-day before moving higher again for a test of the highs.

A few posts back, we mentioned that the refiners were looking interesting. After breaking out of an inverse head and shoulders on the Oil Services Holders (OIH), we saw a nice move to the 200-day, where we finally saw a bit of selling. An interesting trade on the long side would have us testing that $87.5 support level as well as that 50-day moving average. There are similar chart patterns among many of the individual refining stocks. Tesoro (TSO), Western Refining (WNR), Halliburton (HAL), and Schlumberger (SLB) all look bullish over the next month or so.

Good luck.