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Tuesday, December 20, 2011

Tuesday Morning Update

Just when everyone was ready to give up on Santa, he finally arrived today with a move right up to 1230, which is putting up some resistance. Right now I figure we are in a range between 1215 and 1245, not likely to see yesterday's low for a while. This morning's leading sectors are XLB and XLE, lagging are XLV, XLU, and XLP. The Nasdaq has a slight lead, the Russell 2000 a pretty big lead. Oil and gold are both up big, as are treasury yields. The bull, at least for now, is back.

I have 51 new highs so far, with breakouts in TAST, ELN, and HURN. From the relative strength list I have a report from RHT, down 6.9%.

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