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Tuesday, June 9, 2009

Tuesday Morning Update

The lines from yesterday are intact, as nothing has really changed. 943, the January high, is still putting up resistance, even though we poke through it frequently, we rapidly get smacked back. 923 is the the bottom of the range, and 933 is dead in the middle.I would be very surprised if we don't have several tests of 933 during the day. Yesterday's volume was very low, even during the late spike the volume didn't increase by much. Today looks to be getting off to better volume, so the market may not be as easy to manipulate. Strength is in XLE, with XLK and XLB slightly behind, weakness in XLI and XLP. Relative strrength in the Nasdaq and Russell 2000, with the Dow industrials lagging badly. The TNX gapped down this morning, and has not yet had a fill in the gap rally. XAU is down marginally.

I have 28 new highs so far, with a few breakouts. MRNA gapped up huge this morning and is selling off. Other charts to looks at are TSTY, AEPI, NURO, and CY. Nothing on either watchlist is scheduled to report earnings this morning.

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