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Friday, October 31, 2008

October Ends With A Whimper

The good news is that we rallied off the morning gap down, but the bad news is another late sell off. The SPX ran into resistance at 985. Volume retreated again. Momentum is still pretty strong to the upside, but we really need to break out past 985 or we are going to have another pullback. Financials were where the strength was, utilities the weakness, however it was a reversal in the energy secot that fueled the rally.

The NDX was barely positive today, but it is still slightly outperforming the SPX. Volume dropped off quite dramatically here. Technology and consumer staples were the other sectors that were negative today.

By comparison, the Russell 2000 made another huge move, continuing it's pattern of outperforming in uptrends. It still has a long way to go to firmly establish a new uptrend, it needs to geet above 584.

Continuing with my thesis that the weakest sectors would get the biggest bounces, XLB has the worst 13 week performance of all sectors, and the best 5 day.

XLP has the best 13 week performance, and wouldn't you know it, the worst 5 day performance.

The earnings sheet is still being updated. Ticker symbols beginning with A through E have been updated and in some cases corrected. I discovered theat some of the "errors" were not errors, but stocks that had split. In either case, they have been corrected, and I will continue updating throughout the weekend. I also am looking at new additions (I have at least one now, but there will undoubtably be more).

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