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Thursday, March 1, 2012

Thursday Morning Update

The chart still does not look quite right, which probably means that the market is not done carving ojut a new range. Whether we have more upside or downside remains to be seen, but yesterday's volume sure looks like it is going to be to the downside. We got a nice little bump up this morning but it stopped dead at 1374. XLE has once again taken a big lead this morning as yesterday's drop in oil not go very far. XLB, which suffered form yesterday's humongous drop in gold, is a distant second. Lagging is XLP, with a cluster of sectors trading just above it. The Nasdaq is about even, the Russell 2000 has a pretty big lead. Oil is up, gold down, treasury yields up.

I have 77 new highs so far, with breakouts in PTIX, FRS, BKE, GPS, ANIK, FURX, EIX, ZUMZ, IACI, and MR. I have one stock from the earning list reporting, that is LHCG, up 10.9%.

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