Monday is turning out to be a rather lackluster session. Traders are still buying the dips and the major averages have erased most of their morning losses. Making headlines today is Obama's speech to Wall Street and a brewing trade disagreement between the U.S. and China over tires. Meanwhile the U.S. dollar is bouncing from one-year lows, which is putting pressure on commodities.

Asian markets were mixed on Monday. The Chinese Shanghai continued to bounce and posted a 1.2% gain. The Hong Kong Hang Seng lost 1%. The Japanese NIKKEI gave up 2.3%. Across the world in Europe most of the major indices all gapped open lower and spent the entire day slowly crawling their way back toward unchanged. The French CAC-40 lost 0.11%. The German DAX closed down -0.07%. The English FTSE rose 0.15%.

In a vacuum of economic or corporate news the main story today was President Obama's speech directed at Wall Street. Obama took the stage at the Federal Hall in downtown New York on the one-year anniversary of Lehman Brother's bankruptcy. In his speech he warned Wall Street that we will "not go back to the days of reckless behavior and unchecked excess at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses." There is a link to the full transcript of his speech here on the White House blog.

Elsewhere the Chinese government has filed a complaint with the World Trade Organization (WTO) regarding the recent actions by the U.S. imposing tariffs on imported Chinese tires. China is calling the move protectionist. Shares of American tire maker Goodyear (GT) spiked higher this morning but the stock has stalled near resistance.

Commodities were on the move today with a bounce in the dollar. Oil was down about 50 cents near $68.80. The USO oil ETF is sliding lower and testing its long-term trendline of support dating back to the February 2009 lows. Meanwhile natural gas continues its oversold bounce after hitting multi-year lows last week. Gold, silver and copper are all lower on the session.

The best performing sectors today appear to be gambling stocks, airlines, and biotechs. The worst performers are the miners with networking stocks and banks tied for second. The S&P 500 index is up almost one point at 1043 having recovered from its morning lows at 1035. The NASDAQ composite is up almost there points at 2083 up from its morning low of 2065. The Dow Industrials are down 10 points at 9595. The small cap Russell 2000 index is up almost three points at 596.

Let's take a quick look at charts for the major averages:

Chart of the S&P 500:

Chart of the NASDAQ:

Chart of the Dow Industrials:

Chart of the Russell 2000 index:

A quick scan of the play list for movers today reveals AAPL is bouncing from a test of the $170 level this morning. CMP is seeing some profit taking with a 1.8% decline. SPW continues to rally with another 2% gain. Shares of SPW look very short-term overbought and due for a pull back. Movement across the rest of our plays has been relatively mild.