Tuesday Morning Update

We are off to a bearish start this morning, although the bearishness is apparently turning as the market rallies off the morning drop. The market has been testing resistance, breaking it, then pulling back. Right now the resistance seems to be 1185, even though we were over 10 points above that at one point yesterday. The market has not had enough distribution days to come to the conclusion that it has topped, but enough to beieve we are not too far away.  Leading up is XLY, with XLE and XLF fighting for second.  Lagging is XLB and XLP. The Nasdaq is leading, the Russell 2000 lagging. Oil is up a bit, gold down a bit, and treasury yields are up. It looks like the dollar got another little bounce overnight, but is headed down again.



I have 102 new highs today, with breakouts in IIVI, RCL, SSYS, MIPS, DRIV, CIT, COH, SNSTA, and FOE. Reporting last night were EXXI down 2%, MIPS up 13.9%, and VLTR down 2%. Anong those i had scheduled this morning, hese have reported: AMED down 0.2%, ARB down 9.5%, CPLA down 13.7%. HL and BWLD will be reporting later today.