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Wednesday, July 8, 2009

Wednesday Morning Update

Well, here we go. A bounce off of 878 (880, qactually, but close enough) was pretty much what I suspected. We are likely going to be testing the May low quite a bit unless we can get back above 888. Although there isn't any chart support there (at least in the last 10 days) i drew a line at 868, which we will probably head for quickly with a clean break of 878. Strength today is on XLV, XLU, and XLV, weakness in XLK and XLF. The Nasdaq is performing about on par with the SPX, the Russell 2000 trailing slightly. TNX has fallen below 35 and the VIX is back above 30. Oil, natural gas, and gold are all dropping today, slightly slower than yesterday. In the news, the Democrats are woorking on a second round of stimulus spending, because the first round didn't stimulate anything other than campaign contributions. My first impulse was to say "They just don't get it", but on second thought, they probably do. they are going to get theirs before the crap hits the proverbial fan.

Im have only 3 new highs so far, with one that looks remotely like a breakout, RWC. On the relative strength list, COMS was sceduled to report this morning, but there is no news.

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