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Thursday, September 26, 2013

Thursday Morning Update


Support at 1691 finally got tested, and has held, so we are all clear for a bounce back up, which so far seems a little weak. We have cleared potential resistance at 1700, but are probably going to have a tough time going higher from here. We are, however, in the last week of a month and quarter, so the chances are we will see the market move higher. Sector wise, we have leadership in XLB and XLY this morning, while XLE and XLU are lagging. The Nasdaq and Russell 2000 both have decent leads. I have oil up, gold down, treasury yields up.

I have 134 new highs so far, with breakouts in FUL, CMLS, BBBY, KNDI, PCYS, JKS, and GDOT. I have a report from SNX, which is up 1.6%. I have MU scheduled, but they have not reported.

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