Yesterday we tested the upper half of the 1167-1185 range, poking out above it briefly. Today it looks like we will test the bottom half. IIt's all about earnings, and today we have 3 highly influential stocks cratering on earnings: AAPL, IBM, and VMW (which is not a "cloud computing" company, despite repeated assertions in the media that it is the leader of that group). As I am writing this, the SPX has just bounced off 1167, so that so far has held. The leading sector is XLU, which is actually positive. XLB is taking the biggest thrashing, followed by XLK. Oil and gold are down big, but treasury yields gapped up this morning. Not surprisingly, the Nasdaq is lagging big, but the Russell 2000 is about on par with the SPX.
I have 33 new highs so far, with breakouts in PH, ICUI, BRO, VRTU, and KKD. AAPL and VMW from the relative strength list reported last night, AAPL down 3.5%, VMW down 8.6%. I have several scheduled after the close: ALTR, NFLX, URI, BMI, and ISRG.
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