We now have a resistance level. 1354 was the prior high, and as we approached it this time, it was looking yesterday like we were going to have a little trouble, but today we have no doubt. Now we have to wait to see if it develops into something, or if we get another in a long line of morning dip- afternoon rally days. So far, it looks like a pretty nasty drop but we have about another half hour to go before the obligatory reversal, so I will be watching that to see how strong it is. XLV is leading by a mile and is the only sector by far to be in the green, Lagging, also by a mile, is XLF, with XLB almost half a point better. The Nasdaq has a slight lead, but the Russell 2000 is lagging badly. I have oil and gold currently up, treasury yields down and dropping.
I have 83 new highs today, with breakouts in LPSN, RAX, BODY, NSIT, IRC, and CW. I have the earnings schedule slightly confused this morning, so I am not sure which ones reported last night and which ones this morning but here is what I have reporting: ARB up 4.5%, CPLA down 2%, KORS up 19%, and SCL up 2.8%.
