Monday Morning Update

For several weeks now the charts on several time frames have been projecting targets between 1340 and 1350. The 15 minute chart here is projecting 1344 as a target, and Friday we hit it (and passed it by a point, nit enough to invalidate it). So, naturally, this is a good time to pull back, and that is what the market is doing. Whether this is the beginning of a corrective move or just another half hour dip is not known at this point, but it does appear we will get a decent buying opportunity soon. The leading sectors today are, naturally, the ones that have been getting creamed lately - XLE, XLI, and XLP. Lagging are XLB and XLF. The Nasdaq and Russell 2000 are lagging just a bit. Oil and gold are down, treasury yields down just a bit.

I have 61 new highs so far, with breakouts in BOFI, AEN, AKO-B, and MELI. I have 4 stocks scheduled to report this morning, however only one has:ATRO, up 4.7%. SCL is reporting tomorrow, AGNC and AMLN are reporting after the close today.