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Friday, November 20, 2009

Friday Morning Update

Not much has changed since yesterday, the previous low at 1088 held. 1095 looks to be the place where the tug of war will be held today, and a close above it will give a terrific shot t the bulls, who are staring down a bond market which seems to be pricing in armageddon. The 3 month treasury yield, IRX, has bounce up to .10 this morning (that's a yield of .01%!). Leading sectors today are the defensive sectors XLP, XLV, and XLU, the lagging sector is XLE. The dollar is showing strength again, and oil is getting whacked pretty good, but gold is holding up pretty well, something we have been seeing lately. When you look at what bonds are doing, and what gold is doing, the inescapable conclusion is that something is up. What it is I don't know.

While perusing the catalog last night, I discovered that they have started carrying a chart of the TED spread, the spread between the 3 month treasury and the LIBOR rate. The TED spread telegraphed last year's meltdown, so we'll be keeping an eye on this.

Ron Paul's "Audit the Fed" bill passed in committee in the house of Representatives last night. I'll say somthing more about that later.

I have 42 new highs today, with breakouts in CMFO and SJM. On the earnings list, KIRK reported this morning and is up 13%.

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