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Friday, September 27, 2013

Friday Morning Update

A funny thing happened in our new bull market: we gapped down this morning and broke critical support at 1691. It is still up in the air as to whether we can get back above it, and if we do the rally attempt may still be intact, but if we don't then I think we can say the market is headed for a correction. Leading the sectors this morning are XLF and XLY, lagging are XLP and XLI. The Nasdaq is leading slightly, the Russell 2000 is about even. I have oil down, gold up, treasury yields down.

I have 54 new highs so far, with breakouts in RDA, FINL, AEHR, NKE, ENH, and PETM. I have nothing reporting today.

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