Wow, this looks like something we have seen before. Like, 4 or 5 times in the last two weeks. A nice really in the morning, which fizzles out quickly, followed by a nasty drop, them we settle in right about 1185. the trouble is, the minute you try to trade that pattern, it will stop. So far, 1196 has been the level of most resistance, and any thrust toward it quickly runs out of gas. Anything below 1180 is being quickly bought up. Sure sounds like program trading to me. Leading sectors today are XLB an XLU, XLF is lagging quite badly, the rest are bunched together around half a percent up. The Nasdaq and Russell 2000 are leading today, which is a bullish sign. Oil and gold are up, treasury yields down. The dollar dropped overnight, which may accunt for the early rally.
I have 253 new highs so far, with breakouts in OINK (that is not a typo), MERC, HGIC, CGNX, TMRK, WPI, TXRH, and RAX. We have a lot of earnings to go through. From last night: BEXP down 2.67%, CACC up 0.6%, CHTP down 1.4%, ININ up 0.6%, LHCG up 2%. From this morning i have DIN up 12%, EMS down 4.7%, NRCI up 2%, NYM up 0.2%, SIGA up 1%. EXAC is also reporting today, but not time has been supplied. NYM is on the earnings list, but from the chart it looks like an acquisition, so it will be coming off on the next update.
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