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Wednesday, October 2, 2013

Wednesday Morning Update

Yesterday I calculated a resistance level at 1697, and that ended up being the high of the day. That should not have been a surprise, as that works more often than it doesnt't, but I still marvel at it every time it happens. That lead to another pullback today, which will likely not go much lowere than it already has, however, if it does and undercuts the prior low, then we know the market modd has had a major change. I am not seeing tha happening yet. Among the sectors, XLU and XLK are leading, XLP and XLI are lagging. The Nasdaq is leading slightly, the Russell 2000 is lagging slightly. I have oil down, gold up, treasury yields down.

I have 109 new highs so far, with breakouts in GPN, PT, CCO, and YELP. I have nothing scheduled to report today.

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