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Friday, April 9, 2010

Friday Morning Update

Yesterday's straight up move culminated shortly after the open this morning, when we retested th previous high, right about 1182. Our range is getting a little better defined, as yesterday we established a higher low at 1175, putting 1183 right in the middle, which has been a support level lately. The dollar weakened overnight, sending everything else up. Way out front this morning is XLE, a half a percentage point ahead of the runners up, and trailing is XLU, also about a half a percentage point behind.  Oil and gold are up, as are treasury yields. There doesn't appear to be any news driving the market, although I suspect that with a Greek implosion inevitable, and everyone and his brother shorting the Euro, every day it doesn't happen is going to result in a Euro short squeeze.

I have 234 new highs today, with breakouts in ATLS, EBSB, LFUS, LAVA, APL, and FRO. There is nothing to report on the earnings front.

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