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Friday, November 8, 2013

Friday Morning Update

The 10 day intraday chart sure give a different perspective from the daily charts I post at night. Here we see a market that is no linger in an up trend, and threatening to start a down rend. Yesterday we broke a very critical support level at 1753, and are now trying to find a new trading range, with preliminary support at 1676.  We have another relatively good economic report this morning (NFP), but on Planet Bernanke, good news is bad news for the market; if the economy is actually improving, the taper pressure will increase on the Fed. We have XLF way out in front of the sectors this morning, with XLE in second about half a percentage point behind. XLU and XLP are way down in the rear: it looks like this bounce may be very narrowly focused. The Nasdaq and Russell 2000 are both leading substantially. Oil is up, gold down, treasury yields up big.

I have 63 new highs so far, with breakouts in SLXP, which is buying on of the stocks we have been watching for months, SNTS; ABTL, UBNT, OESX, ACET, IL, and JCS. From last night I have reports from ADUS down 4.7%, AIRM up 12.3%, EBS up 6.6%, PCLN up 2%, UBNT up 13.5%. Reporting this morning is MHR up 0.16%.

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