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Thursday, October 6, 2011

Thursday Morning Update

This was more or less a guess, as there are several points on the chart that could be support and resistance, but most logical looking to me were 1150 and 1120, which puts 1135 in the middle. We have just bounced off 1135ish, so this may actually be pretty close to reality. we are off to a bearish start this morning, but we have been off to bearish starts nearly every day for weeks now, and it hasn't accomplished much. Leading sectors are XLU and XLB, lagging are XLF and XLE. The Nasdaq has a big lead, the Russell 2000 a more modest lead. Oil is down, gold is up, treasury yields up.

I have 3 new highs, and 2 of those are stocks that dropped out of the Finviz database and came back in as IPOs, leaving us with no breakouts. I have a report from RELL, which is down 1.7%.

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