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Wednesday, October 23, 2013

Wednesday Morning Update


Today's collapse might have come as a surprise after yesterday;s bull move, but an examination of the chart shows a failure at resistance yesterday, so a drop today would make sense. he enormity of the drop is a bit of a surprise, and it shows no signs of letting up. 1647 was the first level of support, and that has fallen, so now we are looking for support way down at 1736. XLU is leading the sectors this morning, with nothing else even close, while XLE is lagging by a mile. The Nasdaq and Russell 2000 are both lagging slightly. Oil, gold, and treasury yields are all down.

I have 114 new highs so far today, with breakouts in APOL, SMED, GLW, LL, CVGI, MSI, and SWY, I have reports from last night: EXAC up 0.14%, and PACB down 8.9%. From this morning I have LL, up 5.2%, and MKTX, down 2,7%.

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