Tuesday Morning Update

Yesterday, we barely passed the previous high of 1208. I questioned whether or not that constituted a breakout (my assumption was that it was), but for now the answer appears to be no. We are pulling back, and at first it looked like a muld pullback that might easily reverse, but at 10 am consumer confidence numbers were released, and down we went. Why the market gives a crap about consumer confidence is beyond me, but we just may have needed an excuse to sell off a bit here. I have 1195 as support, and so far it is holding, but it may now become the midpoint of a bigger range, with 1180 as the bottom. The leading sectors are XLU and XLP, the lagging sectors are XLF and XLE. The Nasdaq is leading, the Russell 2000 about even. i have oil and gold up, treasury yields down (the 10 year is down over 4%). So far the prognosis is mildly bearish, with a possible reversal in the works.

I have 24 new highs so far, with breakouts in CMT, DG, PHII, and AZO. I have nothing scheduled to report today, and still have no news on CVGW, which was supposed to report yesterday.