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Monday, September 13, 2010

Monday Morning Update


Another Monday, another breakout. 1131 is now the point of most resistance, 1111 is support, putting 1121 in the middle, and is 1121 is familiar, it should be; it is the 50% retracement level of the 2008-2009 bear market.We are now at the top of the 10 day range, so now we are basically in limbo until we either break out or break down. Leading up today is XLF, with XLB a distant second, lagging are XU, XLV, and XLP. The Nasdaq, for once, is showing a little relative strength, and the Russell 2000 is way out front. Oil is up, gold down slightly, treasury yields about even, with the 10 year down slightly and the 30 year up slightly.

I have 179 new highs so far. ARST, which put itself up for sale a few weeks ago, got a sucker taker in HPQ this morning. We have yet to see if DELL will get into another bidding war with them. Breakouts this morning include CGNX, GENT, LGL, ENTR, GNI, and IBN, and that is just the first page of new highs. I have nothing scheduled to report today.

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