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Wednesday, March 21, 2012

Wednesday Morning Update

We are getting the reverse of what we have been seeing lately: instead of a morning drop and reversal, we have a morning jump and reversal. In reality, it looks like we are going to be testing the trading range entered last week, and since setting the low end on Monday, we got a weak bounce and may be testing it again. As long as 1397 does not break we are probably in good stead, but the more likely scenario is that we will be going into a correction of unknown depth. Today's leading sectors are XLK and XLY, lagging big time is XLE. The Nasdaq has a slight lead, the Russell 2000 is about even.  Oil and gold are up, treasury yields down.

There are 96 new highs so far, with breakouts in ATC, FSII, ASGN, EXP, LXRX, and SABA. I have nothing scheduled to report today.

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