This is what I will be watching today (Russell 2000 5 day 15 minute). The blue line is the 68.2% retracement level from the 1987 low, the red line is the November low. This is at a very critical point, and a plunge beneath the November low will leave the Nasdaq as the only index holdng this market up. So far things are not looking good, we got an anemic bounce after the gap down this morning, and are now dragging the bottom. Relative strength is in technology, consumer staples, and utilities, weakness in everything else. Treasury yields are dropping. XOI, the oil index, and XAU, gold and silver, are both getting hammered. About the best investment you can make today (other than being short) is cash stuffed in a mattress.
I was going to do another post on the Rick Santelli fallout as it is spreading, but couldn't post until late last night, and I was also getting angry and decided not to get further involved. It is now being devided along party lines and devolving into partisan politics, which of course means that facts and truth will be ignored. I went after George W. Bush not because he was Republican, but because he was an idiot. Now that the Democrats are in power, I will be keeping a close eye on them, and if they screw up, I will take off after them with a vengeance. You clowns have your chance, you better not blow it, and so far, it's not looking good.
There are 2 new highs. APSG is one of the relative strength stocks that reported last week, and has finally broken out to a new high. GGA is a thinly traded stock that I know virtually nothing about. On the earnings sheet, reporting this morning, AMOT is down about 1%, ATPG is up about 1%, CMED is up about 4%. I have nothing reporting after hours.
Charts courtesy of stockcharts.com