Recommended Reading

Google Search

Google
 
Charts courtesy of stockcharts.com

Thursday, September 16, 2010

Thursday Morning Update


Here is a "close in" view of our current trading range (5 day 15 minute chart), and you can see we are pretty much stuck in between the top of the gap, 1113, and 1128, the near term high, which puts 1121 just about in the middle. I am expecting the buyers to hold back a bit unless we break above 1130, in which case we could see a bunch of shorts scrambling to cover (if you were inclined to go short, this would be the least risky palce to do it, although I think it is a little early). If anything was going to move the market it would have been today's unemployment report, but it;s not moving it much as, once again, it;t the same old story. Unemployment isn't getting any better, but at least it's not getting worse. The leading sector is XLB, the only green sector at the moment, and  XLF and XLE are fighting it out for last place. Oil is down, gold is up, and treasury yields are up a bit. The Nasdaq is leading, the Russell lagging again, but only slightly this time.

I have 83 new highs so far, with breakouts in AXC, CGR, SLP, OSIS, and SINA. I had NAII from the earnings list scheduled to report this morning, but there is no news on it so apparently they haven't.

No comments:

Google Analytics