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Thursday, July 23, 2009

Thursday Update- Vacation Edition


My one freakin' vacation day all year, and what happens? Why, a major breakout. 956 is no longer the "line of death". once that got broken decisively, there was nothing for resistance, and we are headed straight up. The next level of chart resistance I can see is about 1008, from back in October-November time frame. with 956 as support, 1008 as resistance, I figure a pivot point somewhere near 983. XLB and XLV are leading, XLF is lagging, but there isn't much difference between the leading and lagging sectors. Both gold and oil are up big, as is the TNX, which tells me the catalyst for this rally is another drop in the dollar. Sure enough, a quick check of the dollar index show a big fat red candle.

I have 130 new highs so far, I'm not even going to attempt to try to find breakouts. I will have another post with an earnings report as son=on as I get the data rounded up.

2 comments:

Anonymous said...

Have a look at TBI eps guidance

David said...

Sorry about the late reply, I will answer in a later post this morning.

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