Tuesday Morning Update

After yesterday's push above 995, I thought we would head for 1008 fairly quickly, but so far, not today. Despite being down, we are still above 995 and thus in the upper part of the range. I suspect we will get a couple of moves below 995, but am still looking for a test of 1008. Today's weakness was yesterday's strength. Leading up are XLP and XLF, with XLV and XLI not far behind, and leading down are XLB, XLU, and XLK. Once agow is leading, the Nasdaq lagging, but the Russell 2000 is leading big. This is probably significant, and I will be on the lookout for a bullish reversal.

Personal income for June came in down, but personal spending came in up. Guess which one CNBC will be talking about today?

There are 92 new highs so far, with high volume breakouts in IEC, WMS, and CRAY looking the most promising. On the earnings front, I apparently had a good list for today, as all stocks I had scheduled have reported. I have BBG, down 4%, CTSH up 9%, GCA up 2%, MTRX up 1%, OCN down 2%, PRX down 7%, WLK down 7%.



Here is a revised earnings schedule for the week.