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Monday, September 9, 2013

Monday Morning Update


We have a very nice 10 point range from the most recent high to the most recent low, amking it easy to pick out support and resistance in the event of a breakout (or break down). If 1664 goes, look for next resistance at 1674, if we go the other way and 1654 goes, then 1644 will be next support. We have nothing in the way of market moving events this morning, and with nothing moving the market, we can see that the overall bias is bullish. XLB is way out in front of the sectors this morning, with XLI a distant second, while XLU and XLV are lagging. The Nasdaq and Russell 2000 have slight leads. I have oil down, gold up, treasury yields down.

I have 113 new highs so far, with breakouts in ERII, TW, RDA, and BOBE. None of the stocks I had scheduled to report today have. RUE is on the earnings list but is being acquired, so I won;t be tracking that one anymore.

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