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Thursday, December 11, 2008

Thursday Morning Update

The market gapped down this morning on more bad news. Unemployment compensation claims are at a 26 year high, and last months claims were higher than analysts expected. Treasury yield are dropping, the auto bailout is stalling in the Senate, the usual stuff. The market then rallied to fill in the gap, and is now trying to decide on a direction.

The IEA has published a report saying oil demand will drop next year for the first time in 25 years. OPEC is expected to cut production again, and oil is up, the dollar down. The funny relationship between oil and the market lately (oil up, market up) seems to be weakening. The energy sector is again leading today, financials lagging.

The new highs today are pretty much the same ones we've been seeing, but there are 2 new breakouts today, AIPC on earnings, and RGLD, a gold miner. I pointed out yesterday the outperformance of the gold and silver miners of late, and this one is the first breakout.

I gaffed yesterday on GEF, it reported after hours yesterday and is up 8% today.

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