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Friday, August 30, 2013

Friday Morning Update

The market is starting to take stair steps higher, and if it can hold the line about where it is now, has a pretty good chance of establishing a new up trend. There doesn't seem to be much in the news, but we do have the U. of Mich. consumer sentiment due at 9:55 (right about as I am writing this); hat is usually a market mover, if only for a half hour or so. We have the perrenial laggards XLU and XLE leading today, with XLY and XLV lagging. Both the Nasdaq and Russell 2000 are lagging slightly.Oil, gold, and treasury yields are all down.

I have 24 new highs so far, with breakouts in MGCD, CRM, SOL, SPLK, GTE, ARKR, and ULTI. I have reports from KKD, down 11.2%, and PRAN, up 2.7%.

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