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Squawkbox market analysis with Mike Tarsala from Thomson Financial Transcript: I'm Mike Tarsala and welcome to this week's Thomson Squawk Box Market Minute. The U.S. markets have come out of the consolidation mode we've been talking about for weeks, and it's now the big picture is a brutal one. Gold is much higher, oil is much higher, and the dollar much weaker... all negative influences on stocks. When we last spoke, we were about even with the number of stocks in uptrends vs. downtrends. We now have 23 sectors in downtrends out of the 39 that we track. The only sector of the 39 that's trending upward, according to our Trend Intensity studies, is gold. It's being driven higher by increasing market jitters. The Google's, BIDUs, and other high-beta tech names that led us on the way down were crushed this week. They have the potential to lead us on the way down. Our biggest worry is not financials at this point. It's the tech sector. If tech is no longer the "place to be" for those looking for long trades, there's nothing left to buy but gold. We're likely in for a rough ride until we do it again next week. For Thomson Squawk Box, I'm Mike Tarsala.