We have a very critical support level at 1250, and we are now there, This had better hold or we can kiss the long bull market goodbye. Yesterday we had what was a near mirror image of a follow through day, a big drop on high volume, so I;m not optimistic about us reversing this any time soon. This morning's leading sectors are XLK and XLB, lagging are XLV, XLU, and XLE. The Nasdaq is leading (and is slightly positive as I write) but the Russell 2000 is lagging just a bit. Oil is down big, gold is up big, and tresury yields are continuing their freefall. We may be witnessing history today.
I have 18 new highs so far, with a few breakouts: BIP, JCOM, VASC, PEET, and CLH. Reporting last night: APEI up 3.5%, CAVM down 1.5%, EXAC up 0.5%, PEET up 0.6%, POWL down 11%, SGY up 2.5%, and SKT down 0.8%. This morning we have AFAM up 2.9%, BIP up 4.1%, CLH up 13.2%, CLMT down 2.2%, CLX down 0.2%, KRO down 5.5%, LINC down 16.7%.
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