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Wednesday, July 7, 2010

Wednesday Morning Update

Despite a bad day yesterday, we still have a developing up trend, although nt very strong. Two consecutive  higher lows (barely) and a nice pop this morning might get us back above 1040, although at the moment it looks like it is going to puut up another fight. Once again, no news is good news, but the reversals we have had recently would cause me to think twice about buying the open, but I guess that's just me. Leading by a mile is XLF, with strength in XLB and XLE, lagging is XLP and XLV. Unlike yesterday, neither the Nasdaq nor the Russell 2000 are taking the lead. Oil is up, gold dowm, and treasury yields are rising.

I have 12 new highs so far, with 2 possible breakouts, CRR and ROVI. On the relative strength list we have a report from FDO, which is down 8%. I guess they missed.

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