Friday Morning Update

Wednesday we went straight down, yesterday we went straight up, so naturally this morning it is straight down Once again 1100 has proved to be a formidable opponent, although so far we have not seriously challenge it. Strength is in XLB, XLI, and XLP, weakness in XLE and XLF, a near mirror image of yesterday. The Nasdaq is lagging, but the Russell 2000 is leading slightly. Watch the treasury yields, they are up and rising, so we could have a reversal. Gold and oil are bith down. After a big drop at the open, the dollar is now rising against the yen.

I have 47 new highs today, with some big breakouts in RVBD, ARMH, INFA, KRO, and GSOL. We had several reports from the relative strength list last night: BOOT down 7.8%, CPWR down 7.6%, GDI down 3%,  INFA up 11.9%, MCRL down 7%, and SWKS down 0.1%. From this morning: SBSI down 1%. I have OCLR scheduled this morning, but they are actually reporting July 29.