Thursday Morning Update

Yesterday's drop stopped right at 1150, which is now looking like an intraday support level, nd we bounced up this morning, right into resistance at 1175. it seems the range we are in is becoming narrow, which probably means a big move is coming. XLF s leading big this morning, which may mean this more than short covering, but I haven't seen the news this morning, so I haven't hear the bailout of the day. Lagging are XLY and XLB. The Nasdaq is lagging pretty badly, the Russell 2000 is about even. Oil is up, gold down, treasury yields mixed with the 10 year up and the 30 year down.

I have 8 new highs so far and I don't see any breakouts. I have nothing reporting today either.