Wednesday Morning Update

Yesterday's break of a support level has turned out to be far less significant than I previously thought, as we are still stuck in a small trading range. The market is doing what it has been doing for a couple of weeks now- dumping in the morning and rallying back in the afternoon. We do have a couple of market moving events. Those of you who don't live in a bunker know that AAPL blew away estimates again last night, breaking out today. The other is the FOMC rate decision, in which Bernanke will tell us what a wonderful job he is doing. Among the sectors, leading today is XLP and XLK, lagging are XLE, XLB, and XLU. The Nasdaq is leading, no surprise with AAPL moving up, but the Russell 2000 is about even. Oil and gold are down, treasury yields about even.

I have 66 new highs so far, with breakouts in SIF, CA, LGF, TAYC, AAPL, TSS, and CLR. I have 3 stocks scheduled to report this morning, but only one has: IGTE, up 3.6%. Apparently ISSI and LSI will be reporting after the close.