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Monday, February 2, 2009

Monday Madness

The US dollar hit resistance this morning around 86.50 and dropped back, just as the market reversed a nasty opening drop. We are now pulling back after a morning rally, and as I write, are sitting at 820 on the SPX. The Nasdaq is positive, as is XLK, which is the leading sector. XLV is also strong. XLE and XLI are where the weakness is. Long bond yields are negative and dropping, fast. Something is going on there.

There are 5 new highs, of which 2 look like promising breakout atttempts: SXCI and CMN. There is nothing on the earnings sheet scheduled to report today.

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