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Wednesday, April 18, 2007

Small Caps Are Rolling Over



The Russell is looking quite weak. It is hit the trend line going back to last summer and looks like it can't get through it. If it does roll over, I think it will test the 800 level. The NYSE Composite is looking stronger, but it has hit it's trendline, too, and CMF is starting to decline. Strongest sectors today were the previously beaten up financials, airlines, and semiconductors. Despite the record Dow high (and the accompanying hype), I'm looking for a pullback here.

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