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Tuesday, June 11, 2013

Tuesday Morning Update

In one of those amazing samurai moments, I watched the market drop at the open right down to where I had support, 1623,  and bounce off it. So far it has been a relatively weak bounce, but as long as that support holds, this market is very likely to start moving higher. How much higher, I have no idea, but the last few days have provided some really good opportunities to load up on the drops, so it's possible to make some cheese even in a weak rally. Among the sectors, XLU and XLK are leading, XLB and XLF are lagging. The Nasdaq is about even, but the Russell 2000 is lagging badly. I have oil and gold down, treasury yields up.

I have only 24 new highs so far, with few breakouts: BEAT, MFRI, and NOA are about it. I have nothing reporting this morning, I am expecting ULTA this afternoon.

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