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Thursday, November 10, 2011

Thursday Morning Update

We seem to be getting an early bounce from yesterday's massive drop, and the fact that it is not moving up after the initial pop at the open tends to suggest it is a very weak bounce. However, we now have a support level at 1227, higher than the big kahuna support at 1215, and if we hold 1227 that will be incredibly bullish. I am not even going to attempt to figure out what the "driver" is for the sudden reversal, and we have had so many in recent weeks it could be just about anything. The leading sectors are XLV and XLI, the trailing sectors are XLK and XLY. The Nasdaq is lagging badly, the Russell 2000 is about even. Oil is up, gold down, treasury yields up. I would say we are mildly bullish, but in danger of a reversal at any time.

I have 18 new highs, with breakouts in TIS and GYRO. I have 3 reports from last night: MDVN, up 1.5%; OPTR, up down 0.9%; and SPRD, down 1.7%. Reporting this morning:nothing, nothing, everyone I had scheduled for this morning are reprting after the close.

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