Thursday Morning Update

It looks like the market may be having a little trouble with 1354, which is right about at the top of the current projected trading range. It might be coincidence, but if you look at the volume pattern for the last 3 days, we have been getting a little higher volume on the way down. While it's not enough to draw any conclusions, it could be that we are seeing some signs of selling into strength. The leading sectors are XLK and XLP, lagging are XLV and XLU. The Nasdaq is about even but the Russell 2000 is lagging badly. Strangely enough, oil , gold, and treasury yields are all up by a pretty healthy margin.

I have 156 new highs today, with breakouts in TGAL, HPY, SIX, MTGE, WFM, V, TDC, RRTS, and UHAL. Reporting last night were SCSS up 4.9%, NANO down 5%, and PNNT down 1.8%, I had STMP scheduled for this morning, they are reporting after the close.