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Monday, October 3, 2011

Monday Morning Update

As bad as this looks, just after retrieving this chart the market started a pretty big move up (due to one of the economic releases due at 10 am, no doubt), so it looks like the support at 1114 is safe for now. However, I also noticed the big blast of volume late Friday as the market was moving down, so I would not count in this move up amounting to anything. Leading sectors are XLB and XLU, with XLE lagging by a mile. The Nasdaq is lagging, the Russell 2000 is about even. Oil is down, gold is up, treasury yields down. Desppiter the up move, the prognosis still looks bearish to me.

I have 4 new highs so far, with no breakouts. I have a report from LFUS scheduled sometime this week, but they have not reported yet.

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