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Friday, July 23, 2010

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.

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