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Thursday, October 17, 2013

Thursday Morning Update


The Republicans folded like a cheap suit last night, and we have a deal, so there will be no default today. Since everyone knew what was going to happen, and were leaning heavily bullish, it is natural we opened down today, but nowhere near critical support. The first level I have is 1709, with stronger support down at 1697, and it doesn't look like we will get even close to it. Leading the sectors today are XLB and XLP, lagging are XLK and XLU. The Nasdaq and Russell 2000 are both about even. I have oil down, gold up, treasury yields down.

There are 146 new highs so far, with breakouts in FPP, SVU, SFUN, KERX, SCTY, UFPI, CGEN, and NTCT. I have reports this morning from NTCT, up 11.8%, and UTEK, down 9.8%. ISRG was scheduled for this morning but is reporting after the close.

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