It's the Dow's first six-day drop since July 2012

The Dow Jones industrial average fell 105.44, or 0.7%, to close at 14,897.55. The Dow is now riding a six-session losing streak and closed below 15,000 for the first time since July 3. It's the Dow's first six-day drop since July 2012

In a volatile trading session, stocks took a beating as investors continue to worry about the timing and scope of a paring back on the Federal Reserve's bond-buying stimulus program.

Stocks took a dive immediately after the 2 p.m. ET release of the minutes from the Federal Reserve's last meeting but then quickly recovered and then plunged all over again late in the session.

In the minutes, Fed policymakers indicated they are still on track to slow the central bank's massive stimulus this year and end it in mid-2014, but gave no signal whether the scale-back could begin next month.

The Dow Jones industrial average fell 105.44, or 0.7%, to close at 14,897.55. The Dow is now riding a six-session losing streak and closed below 15,000 for the first time since July 3. It's the Dow's first six-day drop since July 2012.

The Standard & Poor's 500 index fell 9.55, or 0.6%, to 1,642.80 and the Nasdaq composite index dropped 13.80, or 0.4%, to 3,599.55.

Source

Bill Carrigan, Tech Analysis and Picks

Bill Carrigan, technical analyst, Getting Technical Info Services

FOCUS: Technical Analysis Market Outlook: The current rebound bull is about 50-plus months or 1600 days old. A rebound bull is a powerful linear advance that follows a granddaddy bear such as the crash of 1987, the technology bust of 2000 and the financial bust of 2008.

The previous rebound bull of 2002-2007 ran for 60 months which is longer than the historical 48 month U.S. business cycle perhaps due to the forces of the global economy. The current rebound bull may be predicting a global recovery which would allow the U.S. Fed to slowly wind down their quantitative easing program.

As this bull ages look for normal sector rotation to return as the global recovery becomes a reality. The normal sector rotation order is: Leading Stock Sectors - Financial, utilities and telecom Coincident Stock Sectors - Consumer, health care, industrial and technology Lagging Stock Sectors - Energy and materials Strategy:

Plan for the “great rotation” as investors move away from the utilities, telecom and consumer sectors and toward the industrial, energy and materials sectors in response to gradual return of an inflationary environment. 

TOP PICKS:

iShares S&P/TSX Capped Materials Index Fund (XMA TSX) Most recent purchase $13.63
XMA is a basket of base and precious metals miners, lumber and potash producers. The XMA will benefit from a return to an inflationary environment.

Lundin Mining (LUN TSX) Most recent purchase $4.57 
LUN is a copper producer which is diversified geographically in Europe and North America. Lundin will benefit from a return to an inflationary environment.

ATS Automation (ATA TSX) Most recent purchase $12.08
ATA, like Martinrea (a past pick), is an Ontario manufacturer that will benefit from a return of manufacturing to Ontario. ATA will provide exposure to some dominant themes like autos and aerospace.

Will the loonie get a pop on jobs data? .

Will the loonie get a pop on jobs data? The chase by Frances Horodelski: This weekend, take a moment to lie on a hill, looking up at the skies somewhere outside of your city. It is time for the Perseids meteor shower where it is a black sky filled with shooting stars. The height of the shower will be August 12, but all weekend should have good viewing (as long as you're in the Northern Hemisphere anyway). And make a wish for health, happiness, and maybe a little good fortune. www.bnn.ca