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Tuesday, December 2, 2008

Tuesday Bounce

The market has rallied off a small gap up and has almost gotten back what it gave up in last afternoon's collapse. Let's keep out fingers crossed and hope Paulson keeps his mouth shut today. The TNX jumped higher this morning, but has been slowly dropping and is now negative, which does not bode well. XLI and XLF are leading sectors, XLE and XLP lagging. Oil is stuck right on $50.

One reason for the little rally is there is now really bad news today (yet). Earnings season is winding down, so there won't be a lot of bad news there (Sears reported today, but everyone knew theirs was going to suck). Of course, mthere is always the chance of a geo-political catastrophe.

I have no breakouts today, but there are a couple of stocks I am watching:

INT have a pivot point right on 30, which is pulled back to just below yesterday, and is now bouncing off today. Watch for an increase in volume which could push this right back up.

DLTR broke out last week and has pulled back to below the breakout point, which it could break through again. This also could get a volume increase.

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