Wednesday Morning Update

Yesterday we had a pretty amazing jump going into the close, coming on pretty unimpressive volume. It has the footprints of algo trading, and looks to me like someone is trying to mask the selling that went on during the day. Not that that matters right now, all it accomplished was extending the time we are in this trading range. 1354 is not pretty well established as resistance and 1337 is ultimate support. XLK is this morning's leading sector, followed closely by XLF and XLY.  XLI, XLU, and XLV are bringing up the rear.  The Nasdaq has a comfortable lead, but the Russell 2000 is lagging badly. I have oil, gold, and treasury yields all up.

I have 164 new highs so far, with breakouts in IPAS, CYBI, EGY, WCG, CNMD, and CMCSA. Reporting last night: IOSP up 3%, PEET down 4.5%, VMI up 2.5%, and ZNGA down 10%. From this morning I have AFSI ip 1.4%.