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Tuesday, September 24, 2013

Tuesday Morning Update

1697 was yesterday's low, so that is established as, probably, a temporary support level, which may well give way today. Just below that is the gap support from a couple of weeks ago, and that may be a little stronger. The volume data is all screwed up on this chart, so that doesn't help any, but it does appear we are heading into yet another of a long series of very short, shallow corrections. Among the sectors, XLI and XLY are leading this morning, while XLK and XLF are lagging. The Nasdaq is leading slightly, the Russell 2000 lagging. I have oil, gold, and treasury yields all down.

I have 73 new highs so far, with breakouts in AMAT, MGCD, SNAK, CNC, and TSU. I have nohing scheduled to report today.

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