We got of to a good start his morning with a gap up at the open, but that didn't last long, we are currently filling in the gap, and what happens after that is anyone's guess.There isn't a whole lot of news driving the market, and earnings season is winding down, leaving us adrift in a sea of late August vacation time for the big money boys. Since the big drop Friday,and subsequent rally, we have a pretty wide range to deal with here, with a pivot point at 1118. Since we aren't likely to trade in a wide range today, we can further subdivide the big range into a smaller range, with a pivot at 1123.50. Leading up is XLY, with XLP a distant second, and trailing are XLF and XLV. Both the Nasdaq and Russell 2000 are leading. Treasury yields are giving us a clue as they did not play along with the gap up in the market and , although they are up marginally, have essentially flatlined since collapsing Friday morning. Gold and oil are both up but dropping, the dollar rising.
I have 83 new highs so far, with breakouts in DGI, ID, GEOY, and MCD. Unbelievably, it appears almost every stock I had scheduled to report Monday morning actually reported: NOG up 4%, VHC up 1.6%, AMED up 12.6%, ADY down 20%, CAAS down 10%, CFSG down 7%, EBIX up 3.8%. GPIC is scgheduled but has not reported yet, and SWSI announced this morning they are being acquired.