Monday Morning Update

It is starting to look like we ar going to take another tat my original target, 1250, but it is still a long way off so target talk is a bit premature. Today's big move may have to do with traders' relief that the NYSE is still standing after Hurricane Irene, although is suspect it is more technical in nature. Another reason to suspect that is the leading sectors, XLF and XLE, leading quite substantially, and possibly fueled by short squeezes. Lagging are XLP and XLB. The Nasdaq has a slight lead, but the Russell 2000 is leading quite large. Oil is up, gold down, and treasury yields are up pretty big. So far the prognosis is bullish,

I have 28 new highs so far, with breakouts in GNRC, TNH, DLTR, NGG, MG, LG, and NJR. I am expecting reports from JOSB and CVGW today, but they have not reported yet.