Monday, July 8, 2013

Upbeat mode continues..7.8.13

An hour before the close and the bullish mood is evident, accompanied by the usual low volume.  Bonds are staging a little comeback after a record collapse Friday and on the X sector front XLU, the utilities are (finally) showing some potential.
For now the retail issues XLY and XRT are the momentum frontrunners, running neck and neck

The NYAD had been in a downslope since the opening but has flattened out since the afternoon session began.
The VIX is back under 15 for the first time since June 1st and is now sitting on a support ledge.

Note the TrendX position of the SPY in the right sidebar.  This is a bullish pattern with room to run unless some unexpected news derails the momentum.

It's earnings season again with Alcoa (AA) reporting after the bell.  AA is the usual first reporting major and typically acts like the canary in the mineshaft.  A good report will goose the markets higher...a bad report will not be welcome.
Click once on chart to clarify.