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Thursday, April 26, 2012

Thursday Morning Update

I was going to change the pivot points on today's chart, seeing that the previous high was at 1393, but the resistance level that was calculated yesterday, 1391, was tested several times and held, including this morning, so I left it where it was. Right after getting the chart, at 10 am, the pending home sales numbers were released, and now 1391 has been broken, but not 1393 yet. If you are a follower if IBD's methods, they called a follow through day yesterday, so, as far as they are concerned, we are in a new up trend. That means, for me, no more shorts, and my bias will be toward looking at long positions. XLE is leading again today, followed closely by XLK and XLP. Trailing are XLU and XLV. The Nasdaq and Russell 2000 have small leads. Oil and gold are up, but treasury yields are down fairly substantially. Today could be a little treacherous for both bulls and bears.

I have 130 new highs so far, with breakouts in HZO, HYWR, CRUS, WPI, RGEN, EQIX, SWI, DFT, and TCBI. I have a ton of reports to go through: from last night ALGT down 0.1%, EQIX up 12%, ISSI down 2.4%, NEU up 13%, RYL up 5.9%, STMP up 12%, amd TYL up 1%. From this morning: ASPS up 1%, DDD down 2.6%, ESI up 6.3%, NEI down 2%, NUS down 3.7%, OCR up 0.5%, PHM up 6.2%, SFE down 1.4%, SWI up 21.8%.

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