Friday Morning Update

Not much changed yesterday, we stayed in a pretty narrow range. today we have another somewhat bearish tone to the market, although staying above 1180 the whole time. GDP for the third quarter came in at 2%, but you can bet that will be revised downward once or twice. Consumer confidence is still dropping, although i don't think the market cares about that anymore either. We are sitting and waiting to see how big a helicopter drop Bernanke is going to make next week.. The leading sectors this morning are XLB and XLK, the laggards XLV and XLF. Breaking a recent trend, the Russell 2000 is now leading, as is the Nasdaq. Oil is down, gold up, and treasury yields are down.

I have 138 new highs so far, with breakouts in WSTG, SPRT, GMO, DDIC, DECK, WBC, MXIM, EL, and QCOR. Last night we had reports from APKT up 1%, DECK up 7.5%, EXPE down 1.1%, FPO down 0.8%, FSLR down 7.9%, NEU up 0.8%, NVTL down 5%, PWER up 2%, THMD up 0.2%. I have nothing scheduled for this morning.