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Monday, April 19, 2010

Monday Morning Update

1189 was the near term low before being pierced briefly on Friday, so I thought that was where the mid point of our new range would be. Sure enough, we came right down to it this morning and bounced off. There are a couple of potential support points, but the first one we should hit (assuming we go down, not up) should be 1182. That would put 1196 as the top of the range, which also happens to be Friday's high. The Goldman story is old news now, although it also may just be the tip of the iceberg. I'm expecting the lawyers to have a field day with this. XLF is our leading sector today, making a big bounce after some sharp weakness at the open. XLB is the lagging sector, with XLE and XLP also in the red. The dollar index gained strength overnight, but reversed sharply at the open, so look for reversals in oil and gold.  The indexes are all pretty even, the Dow leading slightly, the Nasdaq and Russell 2000 trailing slightly.  TNX, for once, did not gap up or down big, and is now up slightly and trending up. Oil and gold are both down as I type, but with the dollar reversal, watch for these to reverse as well.

I have 63 new highs so far, with high volume breakouts in DMLP, WBCO, CLFC, PRK, ACAS, and POOL. I had 4 stocks from the relative strength list scheduled to report this morning, but only one has, SPF, which is down 1.2%. PXLW, which I had for this morning, will actually be reporting Thursday.

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