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Monday, February 8, 2010

Monday Morning Update

The bullish follow through from Friday's PPT, er, I mean, TBTP ramp job hasn't happened yet. I have so far put resistance at 1067, although there is a pretty obvious pivot point near 1075. Support is down at 1045, making 1056 the midpoint of the range (assuming 1067 holds) so those will be the levels to watch today. XLE is leading up, although it is barely positive, with XLY and XLP close behind. XLF and XLV are lagging quite badly. Thr Nasdaq is about on par with the SPX, but the Russell 2000 is lagging. So far, there doesn't seem to be much driving the market. There is one news story I caught last night: John Thain, the man who drove Merrill Lynch off the cliff, will become the new CEO of CIT, the formerly bankrupt small business lender. I had to double check to make sure I wasn't reading the Onion when I saw that.

I have all of 16 new highs so far, with breakouts in HAS,BBEP, XRIT, and RAH. There was nothing on either watchlist scheduled to report before the open, but we do have a busy afternoon, with AEC, TMRK, and VECO reporting.

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