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Monday, July 12, 2010

Monday Morning Update

Now that we have filled in that little gap from a couple of weeks ago, the 10 day high at 1083 is coming into play, and that may well be the "line of death" determining whether or not the is a dead cat bounce (and on a daily chart, it is sure starting to look like one). A breakout past 1083 will put that to rest. Leading sectors are XLK and XLP, a strange combination, lagging badly are XLB and XLI. The Nasdaq is leading big, the Russell 2000 is lagging big, and treasury yields are flat as a pancake, leading us to a schizophrenic market. Oil and gold are bth down slightly. The Euro is rallying against the Dollar as of market open, but so is the yen, so we might see some strange action in the market today. I did not see anything in the news driving the marke, but then I didn't look very hard.

I have 55 new highs so far, including 3 new acquisitions. Breakouts include NTSC, PWER, VIT, OPEN, MWIV, FFIV, and PANL. I have LPHI on the earnings list scheduled to report today, but it has not.

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