Recommended Reading

Google Search

Charts courtesy of

Wednesday, July 14, 2010

Wednesday Morning Update

My post is a little late today, I had a technical problem I could not make heads or tails of, but it cleared with a reboot. MSFT might be chortling at AAPL's technical problems right now, but they have nothing to brag about. Anyway, the market (or at least the SPX) is shaping up pretty much the way the options open interest predicted. 1100 is now the point of resistance, and seems to be drawing price like a magnet. 1089, this morning's low, looks like the pivot point, making 1078 support.  You can see the heavier volume yesterday, but mst of the gain came at the open, and the market more or less churned the rest of the day.  XLK and XLI are leading sectors today, with XLF and XLI the laggards. The Dow and the Nasdaq are leading, the Russell 2000 is lagging, which tells me we have a weak market being somewhat distorted by strength in INTC (who reported a record profit last night). TNX, which broke through 31 yesterday, gapped right back below it this morning, but is now trying a "fill the gap" rally. Gold and oil are both down, the dollar up against everything but the yen. CNBC will be crowing about the Dow and Nasdaq this morning, but everythin g else is pointing to weakness.

I have 56 new highs today, with breakouts in ADTN, IGTE, APKT, EMC, BMA, ACTG, and VMW. On the earnings list I have a report from IGTE, which is up  7%

No comments:

Google Analytics