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Monday, October 21, 2013

Monday Morning Update

Normally a gap means a new trading range, and since we got one on Friday, it looks like that is exactly what is happening. I figure Friday's high marks the mid point of the range, which would make 1754 the top end; of course all hat is subject to revision, bit based on the information I have now, this looks about right. XLK has a big lead this morning, XLE a distant second, while the laggards are XLP and XLU. The Nasdaq and Russell 2000 are both leading. I have oil down, gold up, treasury yields up.

I have 425 new highs so far, with breakouts in HZNP, HAS, CHKP, VFC, PHG, ITRN, and AOS. I had a bunch of reports scheduled for this morning but only one actual: SCL, down 0.6%.

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