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Tuesday, August 27, 2013

Tuesday Morning Update

Yesterday's drop, as I have found out, coincided with a briefing given by, I believe, the Secretary of State over h situation in Syria. It appears Obama is about to make the same blunder his predecessor made in Iraq. One thing it does is breaks the link, at least temporarily, between stock prices and yields, as both are down today. We have held support at the 10 day low, and so far it looks like we have a very good chance of that continuing the rest of the day. Sector wise, we have XLE and XLU leading, XLF and XLI lagging. The Nasdaq and Russell 2000 are both lagging slightly. I have oil and gold both up big, treasury yields down big.

I have 24 new highs so far, with breakouts in CPRX, AKRX, SHOR, MOV, DSW, BLKB, HOTR, and GBL. I have reports from BWS, down 5.5%, and DSW, up 6.4%.

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