Every morning drop for as long as this chart goes back (and longer than that, for that matter) has been a buying opportunity, and yesterday's was about the best I have ever seen. After the biggest 15 minute drop in 10 days the market reversed and went on a tear. The area where we are now, from 1370-1375, is probably going to put up resistance as we approach the 2011 high, one little bit of concern is the volume on yesterday's pre-close drop. While the drop wasn't that severe, the volume might be indicating some selling into strength, something I have been expecting but not seeing many signs of. Leading us up this morning are XLB and XLK, lagging are XLE and XLU. The Nasdaq is leading big, the Russell 2000 is lagging slightly. Oil and gold are up, treasury yields down.
I have 87 new highs so far, with breakouts in DPZ, PCLN, TTEK, and CF. Reporting last night were CVI, down 1.2%, and ZAGG, up 9%. Reporting this morning: ABVT up 1%, ARIA up 1.1%, and VIT up 0.2%. I will post a revised earnings schedule sometime today.
