Tuesday Morning Update

The market has a way of making you feel like an idiot. Yesterday the chart was practically screaming support at 1131, but I thought i was smarter than it and decided support a 1140. The market quickly chewed that to pieces, spit it out, and bounced right off 1131.  Today, it gaps up, hits 1150 right at the open, and pulls back. And where did it gap up to? 1140.68, almost exactly the mid point of the 1131-1150 range.  The leading sector is XLB, followed by XLK and XLY. Lagging are XLU and XLP. The Nasdaq has a big lead, but the Russell 200o is a slight laggard. Oil and gold are up, treasury yields down slightly but rising. Overnight the Bank of Japan lowered rates, causing a drop on the yen which is probably what is propelling the market so far.

I have 158 new highs so far, but few breakouts. SIRI, GOLD, ILMN, and PFCB look like about the best ones, but they are all on low relative volume. On the earnings list, I have DMND scheduled to report after the close.