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Thursday, September 9, 2010

Thursday Morning Update


Well, finally 1105 has given way, so now we are in a new trading range, the top of which I estimate to be 1120. Initial unemployment claim improved (continuing claims didn't, but it usually only takes improvement in one to get a jump at the open), not enough to really matter, but enough to goose the market over key resistance. XLF is leading big today, with Xe a distant second, trailing is XLP, XLY, and XLI. Both the Nasdaq and russell 2000 are lagging, so I would not be too enthusiastic about buying this open, a reversal may be in the plan here. Oil is up, gold down, and treasury yields are up big.

I have 147 new highs today, but oddly enough, very few high volume breakouts. The ones I did see are EXAS, GMCR, PTRY, and ENTR. I have nothing scheduled to report today, but I do have FUQI on the earnings list down 22% this morning, I will have to find out what that is about.

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