Markets finished modestly higher Wednesday in a holiday shortened session. Indexes had every reason to melt lower today pre market as futures were pointing to a weak open. Overseas matters were front in center with China, Portugal and Egypt starring. But a better than expected employment number cut into early softness. Benchmarks had every reason to fold, but to there credit they eked out small gains. The calm temperament the market displayed on this half day, normally anything but, had to be admired as well. The market still has some proving to do, before salty participants engage in equity purchases with gusto. As we discussed yesterday breakouts have been few and far between. Some positive developments are the ratio or stocks hitting new 52 week highs versus those hitting 52 week lows. Just to look at Monday and Tuesday (today half day irrelevant) Monday saw new highs to new lows on the Nasdaq at 240/10, and on Tuesday at 187/10. For the NYSE the statistics were Monday 161/10, and Tuesday 113/29. With oil crossing the above par today, many energy names did not follow the upward path. Some domestic names acted admirably like CLR CXO. CLR looks best as it was thwarted at the big round 90 number. A move over 90 for any stock, more often then not gets to par. It also closed just below an 89.63 cup with handle trigger.
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