The International Energy Association (IEA) has spoken. What the world needs now is a clean energy technology revolution.

June saw the 2010 launch of IEA’s biannual report, Energy Technology Perspectives. Speaking at the launch was Nobuo Tanaka, executive director for IEA. The Gulf oil spill, he said, could prove to be a tipping point in the world’s energy consumption habits. He added that the disaster serves as a tragic reminder that our current path is not sustainable.

As far as the IEA is concerned, this is probably a very important moment to start looking at alternative energy sources. If we, as a collective group of consumers, continue on the business-as-usual path, the scenario for 2050 is looking grim.

Chief Investment Strategist, Investment U

When it came to today's market action, I defer to Andrea Kramer at Schaeffer's Research who wrote, "The major market indexes stair-stepped lower throughout the merger-and-acquisition-marked session today, as the Street interpreted the latest round of economic data as a sign the proverbial glass is half empty. While the Commerce Department said personal spending climbed 0.4% in July – more than the expected rise of 0.3% – the figures were quickly overshadowed by discouraging personal income data. More specifically, the government said personal income rose only 0.2% last month, falling short of economists' prediction for 0.3% growth, and leading many to believe that the jump in spending is only temporary.

"Furthermore, the disappointing results loomed even more ominously ahead of Uncle Sam's highly anticipated employment figures for August, which are set to hit the Street on Friday. Against this backdrop, stocks extended their retreat through the final hour of trading, with the Dow Jones Industrial Average (DJIA) harboring a triple-digit deficit by the time the closing bell mercifully rang.

"In what is going to be a busy week on the economic-data front, today's sell-off is rather disappointing, as it continues to show the bulls can find no consistent buyers," noted Senior Technical Strategist Ryan Detrick."

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