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Monday, February 28, 2011

Monday Morning Update

The retracement of last week's drop continues, as this morning we blow past another minor resistance level at 1323, next stop 1333. Wow, is this ever wierd: the leading sector today, by a pretty good chunk, are XLU and XLV, lagging are XLE, XLF, and XLK. The Nasdaq and Russell 2000 are both lagging. I have oil down a bit, gold up a bit, and treasury yields down a bit. For the big ramp in the SPX, the underlying internals are not supporting that bullishness.

I have 349 new highs so far, with breakouts in ARGN, MRX, NHP, TREX, CT, PULS, and PMFG. I have a bunch of stocks scheduled to report this morning, and it looks like some have actually reported: AFAM  up 1.4%, CDE up 13%, and EXAC up 2.3%. GGP is reporting today but no time has been supplied.

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