Well, for once, it actually appears as though the market has hit a wall. This morning we got a fairly substantial drop. Although the SPX is bouncing around near the low, the Dow and Nasdaq are both moving up off the low, so the SPX should start following. Earnings are going to be driving the market for the next couple of weeks, and this morning we have the good (MSFT), the bad (GOOG), and the ugly (ISRG). This morning's leading sectors are XLK and XLF, lagging are XLI, XLV, and XLP. The Nasdaq, despite it's rally off the low, has only a small lead, but the Russell 2000 has a big one. I have oil and gold down, but treasury yields are up pretty big.
I have 78 new highs so far, but again with few breakouts. MSFT is not a true breakout but is gapping up to a new high. FUL and EPM are the only other ones I see. On the earnings front I have CBST, up marginally, EZPW, down 1.8%, and ISRG, which was not on my schedule, down 8.9%.
