The market is starting to make a mockery of chart analysis. 1370 did not last long as a resistance level, 1375 fell this morning, and now I am looking at 1378 as a possible resistance level, which so far has held. The headlines are all screaming about GDP, the first revision of which came in this morning at 3%. I guess that's considered good, but considering how much deficit spending the government is doing, I would expect more like 30%. For the government to blow through that much money and only come up with 3% is no cause for celebration in my book, but then again, I am not the market. The big leader today is XLF, lagging are XLU and XLB. The Nasdaq and Russell 2000 are both about even. Oil is up, gold down, treasury yields up.
I have 103 new highs so far with breakouts in: CERS, GEVA, EXLS, VRSK, CRI, TNH, GPX, LUX, and PKG. Reporting last night were APEI down 1.7%, EXAC up 8.1%, and KOG down 7.7%. Reporting this morning was LIZ (I thought they reported last month) down 5.2%. I had TIVO scheduled but it looks like they actually reported last week.
