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Wednesday, July 21, 2010

Wednesday Morning Update

As expected, AAPL sandbagged their estimates and blew away earnings, and as usual, the market gapped up, and also as expected, the market immediately reversed. I've got a pretty wide range on this morning's chart, but so far there is no sign we will be trading in that wide a range. 1080 did get tested, and passed, so that may be our support level for today. There is a lot of congestion above 1090, so we will probably see resistance there.  XLB and XLF are the leading sectors today,  XLV and XLU are the laggards. The Nasdaq is lagging badly, the Russell 2000 lagging slightly. Treasury yields are just about flat, oil and gold are both up, the dollar down against the yen.

I have 85 new highs so far, with breakouts in HXL, AME, CRUS, WCN, IIN, and VQ. We have a very busy day on the earnings front: from last night we have TPX  down 3.6%; from this morning ALGT down 1.6%, ARB up 3.8%, CKSW down 8%, CPX up 5%, EMC down 3%, LLTC down 3%, and MTB up 1%.
There are an ungodly number of stocks reporting after the close, I will post a new schedule later this morning.

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