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Wednesday, April 7, 2010

Wednesday Morning Update

Yesterday provided us with a nicely symmetrical 10 point range between 1082 and 1092, putting 1187 right in the middle. we had some strengthening in the dollar overnight, and got a down move off the open thjs morning, bounced off 1185, and appear to be trading right around that 1187 area. Leading sectors are XLF and XLB, trailing are XLU and XLE. Oil is down on the stronger dollar, but strangely enough gold is up. Treasury yields are mixed, the 30 year up, the 10 year down. The Nasdaq is leading big, the Russell 2000 is just about at par with the SPX, and the Dow is lagging.  There isn't much in the news so far drivng the market, so we are probably at the mercy of the Forex market, and if volume continues to drop, the computers will have a field day making us trying to chase them.

There are 264 new highs so far, and it is amazing how many charts I see that have gone straight up, in some cases for weeks now. There are a lot of big gap ups today as well. If you are looking for, as IBD would put it, quality stocks breaking out of sound bases on high volume, this might not be your day.   As far as breakouts are concerned, I have NICK, WNC, LOV, KSWS, and that's about it. There is nothing that we are watching reporting earnings today.Not on any of the lists but of note is FDO, reporting this morning and staging a runaway gap up.

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