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Monday, November 11, 2013

Monday Morning Update

Today is a holiday for everyone except those who actually work for a living, so we may have light volume and strange action today. We had an initial drop right down to a support level at 1768, but quickly reversed that and are headed for the resistance at 1774. I still have the feeling that this is a bounce before another move down, but a breakout here will change that. We have nothing in the news driving the markets, so it is back the computers trying to front run each other. Sector wise we have XLV and XLE leading, XLU and XLI lagging. The Nasdaq and Russell 2000 are both about even. Oil and gold are both down. Technically, the bond market is closed, and I'm not getting quotes, so I have nothing there.

I have 103 new highs today, with breakouts in CLRX, EVI, GOGO, CVR, ABFS, and ADEP. None of the stocks I had scheduled for this morning have reported, but I now have a confirmed date for CYBX next week.

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