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Tuesday, September 22, 2009

The Dollar Beatings Will Continue Until Morale Improves

The reversal of fortunes in the dollar sent the market screaming right into resistance at the open, where it promptly dropped back, and is now hovering above today's pivot point at 1065.50. I have support at 1058, which is probably a pivot point for a bigger range, but I doubt it gets tested today. XLE, XLF, and XLB are neck and neck for leadership, XLV and XLP lagging.
After the Russell 2000's mediocre performance yesterday, it is repeating it today, but the Nasdaq is lagging after yesterday's big lead. There just aren't a whole lot of consistencies to hang your hat on here, except that crap stocks are still being bought like crazy. With the dollar weakness, the usual suspects are up: oil, gold, and silver.

I have 191 new highs, but so far found only one decent breakout, PALM, and frankly it doesn't look that good. Last night we had a report from SNX, which is down about 2%. I had SWI scheduled this morning, but there is nothing on it. Also of note reporting this morning, KMX is in a very strong uptrend and has gapped iup on earnings, and RAIL gapped up big out of a long trading range, but is apparently not at a new high yet.

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