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Friday, October 11, 2013

Friday Morning Update


Yesterday was a big move, whether it was a short squeeze or not is probably a moot point as of now, as we are pretty much back in the prior trading range we were in before the big drop. 1689 looks like our current support level, with 1697 as resistance, and there is a pretty good chance both will be tested today. While it is possible we are in a new up trend, the market is held hostage by external events, so it is going to be dangerous to go all in on e way or the other. XLE and XLV are leading the sectors this morning, with XLF and XLP lagging. The Nasdaq is about even, the Russell 2000 lagging slightly. I have oil, gold, and treasury yields all down.

I have 78 new highs so far, with breakouts in ENV, SWY, SAVE, and MPEL. From last night I have reports from MU, down 4%, and SWY, up 3.9%.

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