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Wednesday, July 28, 2010


APL was the relative volume champ on the new highs list (if you disregard HGRD, an acquisition), gapped up huge on earnings, and closed well above the breakout point, so you might be able to excuse the dreaded black candle here. However, this base is way to deep, and the 50dma crossed the 200dma, so this may have some problems here, as profit taking may well overcome this. It is in a very strong group (oil and gas piplelines), but is too extended for me.\

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