Wednesday Morning Update

Once again, I am taking a wild guess about where the intraday range is going to be. Since the 10 day high was 157, that now becomes a pivot point, and 1150 is now probably support. that would make 1164 the top of the range. Break out of there, and it's back to the drawing board. The market seems to be stumbling around here, as the news isn't particularly good. ADP employment figures came in quite a bit worse than expected, and that is usually a pretty good indication of how the NFP report will go. What is even more troubling, and will likely be the next trigger fro a market collapse, is the nearly out of control foreclosure fraud mess. Market Ticker and Zero Hedge have both been all over it, but when i get the chance I will try to gather some information and write a post on it. This has the potential to not only take the market down, but at some point royally piss off the American people. At that point, the last thing I would want to be is a Bankster. Leading sectors today are X:LB, XLI and XLE, as commodities are responding to the dollar trashing,  lagging are XLY, XLK, and XLU. The Nasdaq  and Russell 2000 are lagging quite badly.  I currently have oil down a bit, gold up a bit, treasury yields down a lot, with the TNX breaking 24 this morning. Incredible.

I have 210 new highs so far, with another batch of acquisitions. Among breakouts, I have TWI, OMEX, AYI, TDSC,  and XTEX.  Last night we had a report from DMND, which is down 9%.