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Indexes managed to stave off all but minor losses as oil prices rose.

The NYSE ended down less than 0.1%. The Nasdaq closed flat. The S&P 500 lost 0.1%. The Dow slipped 0.2%. Preliminary figures show volume off near 30% on both the NYSE and the Nasdaq.

A lower close on lower volume meant the rally followed up Friday’s strong gains with mild losses.

The tool makers’ industry group registered the largest gain, after an analyst upgrade boosted shares of Actuant () 4%. Shares of Apple () rose 4.59 to 125.09, hoisting computer manufacturers to the day’s second-best gain. Tire makers, burned by connection to wobbling transportation stocks, logged the day’s biggest losses.

Losers ran just slightly ahead of gainers on both the NYSE and the Nasdaq. Leaders tended to turn up on the wining side of that equation.

Cal-Maine Foods () jumped 0.83 to 16.53. The company produces and distributes eggs to grocery stores and food products makers. In a two-day spike, the stock blew shares past a 14.10 buy point on 16-week cup-with-handle base. Shares are now 11% above that buy point.

Cascade () rocketed 3.07 to 84.32. It is the stock’s seventh day of heavy-volume gains since reporting its Q1 EPS beat views. Shares broke above a 66.30 buy point on a six-week flat base May 29. They are now extended 27%

New Oriental Education & Technologies () spiked up 3.30 to 51.69. The 7% spike hoisted the stock above a 50.30 buy point on a pullback to the 10-week moving average. The China-based language training provider’s shares broke out of a seven week cup-shaped base in April. They are now 3% above the pullback buy point.

On the downside, Cephalon () reversed lower, losing 1.22 to 82.64. A pill maker for treating sleep disorders, cancer and chronic pain, its stock has been wedging up, flirting with three weeks tight patterns, but on below average volume, since April. It broke out of an 18-week double-bottom base April 27. It is now 17% above the base’s 70.75 buy point.

2:30 p.m. ET update: Stocks Trading Nearly Flat As Volume Drills Lower

By ALAN R. ELLIOT

Stocks held their ground into late afternoon as volume dipped sharply.

Bond yields drifted higher. Crude oil prices climbed. The number of industry groups gaining 1% or more advanced from nine to 13. Groups losing more than 1% held steady at four. The Electronic-Military Systems industry group jumped 1.5% after an analyst upgraded Argon ST ().

The NYSE and Nasdaq composites were both down less than 0.1%, the Nasdaq up just 0.1% at 2:14 p.m. ET. The Nasdaq’s transportation and biotechnology indexes were under fire, down 1.2% and 0.8% respectively. The Dow and S&P 500 were both down 0.1%. Volume was tracking 28% lower on NYSE, down 30% on Nasdaq.

Crude oil prices reversed from an early slip, gaining 0.82 to 68.82 after two attacks on oil production sites in Nigeria. About 700,000 barrels a day of production is currently shut down in the country. A pending workers’ strike is compounded concerns for additional tightening in output of Nigeria’s light, sweet crude.

A broad swath of stocks continued to register gains.

China Mobile () gapped up, adding 1.88 to 51.25 after news reports that the company was continuing to pursue an A-share initial public offering on the Shanghai Exchange. Monday’s 4% move raised shares to within 1% of the 51.88 buy point on a 17-week cup-shaped base.

Western Refining () jumped 2.64 to 55.34. The move followed the Federal Trade Commission’s announcement Friday that it would move to dismiss its attempt to block the refining company’s takeover of Giant Industries. The 5% jump boosted the 18-month-old stock to new highs. Shares were 33% above a 41.49 buy point on a May pullback to the 10-week moving average.

Fertilizer maker Terra Nitrogen () gained 3.38 to 114.88. It is the stock’s third straight day of heavy volume gains on a breakout above a 100.08 buy point from a 10-week pullback. It is now 15% above that buy point.

Cadence Systems () gapped down, dropping 1.01 to 22.29. The 4% drop returned the maker of automated circuit design tools below its 10-week moving average line.

Veolia Environnement () lost 0.97 to 78.08, continuing its eight-day topple below its 50-day moving average line. The stock broke out of an 11-week cup-shaped base April 3. Monday’s move left shares 3% above a 75.97 buy point.

1 p.m. ET update: Indexes Higher In Midday Trading

By IBD STAFF

The main indexes were moderately higher in midday trading, reacting to movements in Treasury yields.

At 1:15 p.m. ET, the Nasdaq, S&P 500 and NYSE composite were all up 0.1%. The Dow was flat.

Volume remained sharply lower after Friday’s quadruple witching session.

Technology, chemicals and some consumer-related industry groups led the day’s action. Air freight and other transportation-related groups were weaker.

Aircastle () rose 0.92 to 39.72, making a new high.

11 a.m. ET update: Stocks And Volume Head Lower After Early Spike

By ALAN R. ELLIOTT

Stocks quickly gave up early gains and headed lower as bond yields edged higher and earnings reports provided little lift. Volume turned down sharply vs. Friday’s heavy, options expiration-driven trading.

The Nasdaq composite was down 0.1%, while the NYSE composite was off less than 0.1% at 10:56 a.m. ET. The Nasdaq’s transportation and biotechnology indexes led the downturn. The S&P 500 and Dow were both down 0.1%.

Foreign exchanges showed mixed results. The Shanghai Composite gained 2.9%. The Nikkei 225 in Tokyo added 1.0% and London’s FTSE 100 slipped 0.3%.

News reports said that Australia-based mining and metals giant BHP Billiton () was discussing a possible takeover of Alcoa (). Alcoa offered $28.4 billion for Canada-based competitor Alcan Inc., but Alcan rejected the bid.

Ten-year bond yields edged up slightly, to 5.19%. Investors were also digesting news from debt rating agency Moody’s, which on Friday announced ratings cuts on 131 bonds with strong ties to speculative subprime loans. The agency said it was reviewing ratings on an additional 247 bonds.

Crude oil for July delivery dipped 32 cents to $67.68 a barrel.

Losers ran slightly ahead of gainers, but several fundamentally sound stocks continued to log gains.

China Medical Technologies () gapped up, adding 4.30 to 31.55 after reporting its fiscal Q4 earnings rose 21%. Consensus views called for a flat quarter. Revenue rose 46%. On Friday, the stock broke above the 27.26 left side buy point on a cup-shaped base begun in February. Monday’s jump left shares 16% above that buy point.

Piping systems maker Synalloy () popped up 1.81 to 46.41. The move left shares 7% above the 43.53 buy point on a pullback to the 10-week moving average line. It’s the stock’s third pullback since a breakout from a flat base in February.

MasterCard () rose 3.41 to 161.06. The gain hoisted shares to 5% above the 153.41 buy point on a pullback to the 10-week moving average. The credit card provider’s stock broke out of a 10-week cup-with-handle base in April.

On the downside, shares of book retailer Books A Million () dropped 3.07, or 15%, to 17.03. The slip thwarted the stock’s bid to fashion the right side of an awkward, cup-shaped base. It sent shares below their 10-week moving average for the first time since April, and left them 28% below their December high.