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Monday, July 26, 2010

Monday Morning Update

The resistance zone, from 1100-1105, fell pretty quickly this morning, as the market gains some bullish traction. I have a pivot point at 1100, since it is hard to pick out any above that, and a support level a 1088, putting resistance at 1112, which so far is pretty close. Leading sectors are XLI and XLV, lagging XLK and XLB.  The Nasdaq is lagging slightly, the Russell 2000 is leading big. Oil and gold are bth up marginally, as are treasury yields, but they look like they are going to rise.  The dollar strengthened over the yen overnight, resulting in the big ramp in the market this morning. We also had a good report on new home sales ("good" being relative, more like "not as bad as expected"). Other than that, there really isn't much in the news.

I have 191 new highs so far, with breakouts in IDSA, ROP, AFOP, MELI, ACV, and AHGP, and that's page 1 of 10 pages of new highs. I had 10 stocks on my watchlist scheduled to report this morning, but none have. I will try to sort out the earnings schedule and post a new one today.

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