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Thursday, October 23, 2008

Bad News Rally

We're just full of good news today:
-Jobless claims rose by 15000, higher than analyst expectations.
-Goldman Sachs to cut 10 percent of workforce
-Chrysler to lay off 1825
-Foreclosures up 71% in 3Q
-Greenspan opens in mouth again

Despite all this, the market is up. XLE is the strong sector. The relationship that existed a couple of onths ago (energy up, market down) has reversed, and it is now energy that is the primary mover in the market. How long this will last is unknown.

There is nothing reporting on the earnings sheet. There are no breakouts again.

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