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Tuesday, April 17, 2012

Tuesday Morning Update

We are getting a little bit of a bounce this morning, but so far that's all it looks like. I moved the bottom support up to yesterday's low, which doesn't make a drastic difference on the chart, but I do suspect we will see some support there. XLE and XLB are the leading sectors this morning, which may further fuel speculation that this is a short covering bounce. Lagging way behind is XLU. The Nasdaq and Russell 2000 are both leading big. Oil is up, gold down, treasury yields up.

I have 84 new highs today, with breakouts in TISA, MLNX, WAB, and DEO. I have 2 reports scheduled this morning, USG up 2%, and ISRG, which has not reported yet and no time is supplied.

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