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Friday, March 30, 2012

Friday Morning Update

Thanks to several big moves in the last few days, we have a pretty wide range now, with a current support level at 1405. We have been reversing moves down in the morning, so today may be opposites day, with a reversal of a move up. The sectors are also playing opposites, with the notable exception of XLV, which is leading big today. XLK is bringing up the rear, the rest are bunched together. The Nasdaq and Russell 2000 are both lagging pretty badly. Oil and gold are up, treasury yields up just a bit. So far the bulls have it, but just by the fingernails.

I have 123 new highs today, but I can't see any breakouts: all the new highs are previously extended stocks. I have nothing of interest reporting today. I did miss a couple from the earnings list yesterday, so I will have an earnings summary this weekend.

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