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Tuesday, July 6, 2010

Tuesday Morning Update

Now that the long weekend is over, we might see some real (as opposed to no volume ramps and drops)action in the market today. The "line of death" pivot point seems to have dropped from 1040 to 1035, and there are a couple of places to put support, but this morning I chose the "bombs away' low of 1010, giving us a very wide range from 1010 to 1060, the advantage being, no matter what the market does today I will probably be "right". The market is badly oversold and is due for a bounce, and this is probably it.  Leading us up are XLF, XLE, and XLK, the laggards are XLV, XLU, and XLP. The strength this morning looks pretty broad based, with 5 sectors up over 2% and the lagging sector up near 1%. The Nasdaq is leading the SPX, and the Russell 2000 is way out front. Oil is up, gold down, the dollar down against the euro, up against the yen. There doesn't seem to be much in the news driving the market, but as they say, no news is good news.

I have 19 new highs so far, with breakouts in CIB, SXL, UGP, and AAP. I have nothing on either watchlist scheduled to report today, and don't see anything of interest on this morning's reports.

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