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Tuesday, October 25, 2011

Tuesday Morning Update

The jury is still out, and since I have not looked at any news I'm of no help here, but this is either a minor pullback with some profit taking, the beginning of another leg down, or the start of an epic collapse. Until proven otherwise I will treat it as option 1, and a buying opportunity. Despite a sizable drop at the open, we are still holding a key support level at 1240ish. Today's leaders are yesterday's laggards, XLP and XLU, and the laggards are, you guessed it, yesterday's leaders, XLF and XLI. The Nasdaq is about even but the Russell 2000 is lagging rather badly. I have oil and gold up, treasury yields down,.

I have 23 new highs so far, with breakouts in NUS, OCN, and PRGO. Reporting last night were HXL, down 0.7%; ININ, down 22%; VECO, down 4.8%, and VLTR, down 1.9%. Reporting this morning are ARB, up 4%; DDIC, down 2.5%; NUS up 4.6%; and UA, up 4.8%.

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