Markets Holding Just Below Recent Highs

The DJIA, S&P500, Nasdaq Composite and Russell 2000 indices were lower in early trading but have rebounded and at mid-morning are trading just below yesterday’s close. All four made slightly lower lows in the early trading. Following yesterday’s modest pause this appears like healthy consolidation at this time. Short term profit taking is occurring without a major sell off. It is important to stay focused on the zone of support around yesterday and today’s lows for short term signs in case this pause turns into a more aggressive sell off. Oil and gold are rising in early trading. Mid Morning Action RIMM did not experience a large gap on its earnings announcement but is moving higher and breaking out this morning. Positive Movement: DE, FXI, IYR, MON, MOS, PCLN, POT, SNDK, WYNN, X Negative Movement: AMZN, URBN