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Monday, March 9, 2009

Monday Morning Update

In typical bear market fashion, the pre-market futures were down, the market gapped down at the open, and almost immediately reversed and went into rally mode. I about on hour into the day (not exactly one hour, don't want to be too predictable) it reversed again, and as of now we are just about even. Strength today is energy, weakness technology, with every thing else right in the middle. The yield on the 10 year ramped up this morning, then backed off a bit. In fact, 5 minute charts of the TNX and SPX look almost identical.

The dollar index ramped up this morning, not quite getting up to it's previous high, and is now pulling back. If this breaks out to a new high, we could see a pretty sharp drop in everything else.

I have 2 new highs spo far, PEX and MEJ, both of which are ridiclously thinly traded. On the realtives strength list, PEGA is reporting after the close today, on the earnings list, AVAV and DGLY are reporting after the close.

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