Wednesday Morning Update

This is a bit of a surprise, not that we are going higher, but that we are currently screaming higher. Apparently the "no resistance" zone between 1210 and 1250 really is no resistance. Once again, I am having trouble picking out pivot points, as I always do when the market goes straight up (or down). Today's leading sector is XLI, with XLB, XLE, and XLF bunched together in second place. Lagging are XLU, XLP and XLK. Hmmm, the Nasdaq and Russell 2000 are both lagging, the Russell quite badly.oil is up, gold is down, treasury yields up and rising. Normally that is a bullish prognosis, but watch that Russell.

I have 46 new highs and counting so far, with breakouts in JAZZ, MAKO, and WTSLA. I guess yesterday wass the big day for breakouts. I am still waiting for reports from CVGW and BRID, but nothing so far.