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Tuesday, May 12, 2009

Tuesday Morning Update

I'm running about half speed today, I think the worst was yesterday. One of the disadvantages of being hooked up to the internet is I can look up my symptoms, and now I'm convinced I have everything from swine flu to bubonic plague. Anyway, I will try to stay on top of things today. The SPX has established a low of 902. This still has the feel of a normal pullback in a rally. XLF is leading us down for the second day in a row, as it seems the smart money is taking profits here. XLY is also down big, this was the early leader in this rally that has been under pressure lately. XLV is leading to the upside, and XAU is up almost 2%. 10 and 30 year treasuries are flat, but the 90 day treasury yield is up 16%.

Despite the down opening, there are 19 new highs, with MRGE staging a promising looking breakout. We had 3 stocks reporting this morning: AIPC down 17%, GEOY down 3.6%, and NSYS trading flat, I'm not sure if they have actually reported yet of not.

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