The SPX is developing quite a bearish pattern on a 15 minute chart. 1071 is still a pivot [point, even though it's been broken a ccouple of times. and 1045 is the low we nee to stay above. Right in between is 1058, which just so happens to be the neckline of a small head and shoulders pattern. Break that, and we are going down so more. Hold is, and we could get a pretty good bounce here. So far, we are holding it. Initial and continuing claims came in this morning, both better than expecte, but indicate merelt that the employment situation is not getting worse. The market is apparently no longer willing to use that as an excuse fpr a rip your face off rally, or perhaps the resumed collapse of the Euro is weighing on the market. In either case, we are again looking for a follow through day, and unless something dramatic changes, I don't think we will get it today. Leading up are yesterday's weak sisters XLB and XLE, and lagging are XLF and XLU. The Dow is leading big today, the Nasdaq and Russell 200 trailing just a bit.Oil is down, gold is currently up, and the TNX is rising.
I have 27 new highs so far,with breakouts in LNUX, AI, HGR, and LMLP. Last night we had a report from CLB, which is up 1.5%. This morning we had MNTA, down 0.6%, BWA up 0.3%, and CATM, down 10%.