The US Oil Fund and Amex Gold Bugs Index Rally as the Market Slides to Mild Losses

We are nearly two hours into the session and here's what I see...

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The week kicks off with the broad market indices under mild-to-moderate pressure. Commodity corner is popping while most sectors are down. The US Oil Fund (USO) is up 3% and the Oil Service HOLDRS (OIH), Oil & Gas Index (XOI), and Natural Gas Index (XNG) are all gaining 1% or more. The PowerShares Clean Energy ETF (PBW), however, is the largest decliner on my screen. The streetTRACKS Gold (GLD) is up 1% while the Amex Gold Bugs Index (HUI) tacks on 2%. The S&P Retail Index (RLX), Broker/Dealer Index (XBD), CBOE Internet Index (INX), and Regional Bank HOLDRS (RKH) join the PBW on the downside.

Here are a few of the analyst upgrades and downgrades that I thought were worth noting this morning...

Upgrades
• Apple (AAPL)
• CACI Intl (CAI)
• Diebold (DBD)
• EV3 (EVVV)
• NetApp Inc (NTAP)
Downgrades
• American Capital (ACAS)
• ArthroCare (ARTC)
• Countrywide (CFC)
• CyberSource (CYBS)
• PharmaNet Devlpmt (PDGI)
• Torchmark Corp (TMK)
• Yahoo! (YHOO)

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