Tuesday Morning Update

Vacations are over now, both here and in Europe, and yesterday we saw what the big money is doing over there as the markets collapsed, while we had to sit on our hands. Today the expected sell off materialized, with a nearly 25 point drop in the SPX right at the open. Now we wait to see if the market can find a support level, but today any bounced are likely to be weak.  As a write the ISM services number has come out, better than expeccted, so we may get a rally here, but again, I expect it to be weak. Leading sectors today are XLP and XLV, lagging are XLE, XLF, and XLI. Both the Nasdaq and Russell 2000 have slight leads. Oil is down, gold up, treasury yields down, with the 10 year now at an all time low.

I have 15 new highs so far, with 6 of them being gold stocks. I see only 2 breakouts so far, GG and VRUS. I have one report this morning, from GROW, which is up 0.4%. TITN is now scheduled to report on Thursday. I am going to be babysitting today so I may not have all my usual posts.