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Monday, October 7, 2013

Monday Morning Update


The market has been trying to find a bottom here, but so far is has been pretty tough to go anywhere. 1670 is now the low, and it does not look like it will get threatened yet, but any move up is being met with fierce resistance. There is, however,m a good deal of dip buying going on this morning; with the government shutdown in progress, there may be a lot of anticipation of a strong rally when it is resolved. XLK anad XLP are leading the sectors this morning, while XLE and XLF are lagging. The Nasdaq has a slight lead, the Russell 2000 is lagging slightly. I have oil down, gold up, treasury yields down.

I have 35 new highs so far, with few breakouts: EVOL and INVN are the only ones getting any volume. I have nothing scheduled to report today.

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