kaltbaum notes

3 more yuck economic reports. Market initially sells down…but is now stiffening up. The SEMIS, OILS and now even some of the metals/mining areas are providing a floor on the market. When the worst areas no longer go down…market does not go down. When the worst areas come off the lows, the market comes off the lows. In particular, the down and out semis continue to get a bid despite what I consider to be bad numbers. It is a matter of they were already way down. The question is whether they can get going on these numbers. Time will tell.
A few more notes:
MNST,SHW,WFM are breaking the 50 day today…these stocks have been on the growth leaders list. But AMZN,EBAY and CRUS, which used to be on the list, are breaking back above…so some good, some not so good.
I am watching COF,EBAY,UNP for entry. All have broken out with EBAY gapping up.
Also wanted to menton that the financials again have a set up to go higher. If the xlf and iyf break out of this little range, that will also be a help to the market.
ULTA holding 50 day but not moving.
AAPL continues to set up well into earnings.
EXPE holds 50 day as EBAY helps the group…and TRIP really acting well. PCLN back above the 50 but only basing right now.
IBM is up about 65 dow points today.