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Wednesday, October 28, 2009

Wednesday Morning Update

It didn't take long at all to drop below 1060, so we are now in correction territory. The 50dma is going to be in this area (I believe about 1053), so we will have to watch that for a bounce or break. Durable goods orders came in about as expected this morning, and new home sales came in lower. However, I think the only thing the market is watching right now is the dollar, which is up against everything but the Yen. Gold and oil are both weak, but still above their respective breakout points. Relative strength is in XLP and XLV, and XLB, XLE, and XLF are running nose to nose for last place. Yields are down again, the VIX is up, and the Nasdaq and Russell 2000 are bith lagging, all bearish indicators.

I have 26 new highs this morning. Breakouts in TCX, PEET, V, and NTRI are worth a look. QTM is not a breakout but is at a new high and making a big move on volume. On the earnings front, reporting last night: CTGX up 2%, EXAC up 7%, SKT down 0.16%, APT down 13%, LOCM down 10%, NTRI up 11%, SFSF down 2.7%, V up 4%. Reporting this morning: FMX down 1.2%, LAZ down 1.8%. I had ASIA scheduled this morning, but is apparently going to report this afternoon.

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