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Tuesday, July 13, 2010

Tuesday Morning Update

AA goosed the market this morning by beating estimates last night. What struck me was not that the fact that the market is rallying, but that it is rallying up to a certain point. if you read my options post yesterday, you know I have a "target" of 110 on the SPY ETF, based on options open interest. It's a little tin foil hat-ish, but by gosh, it seems to be unfolding as planned. That means, roughly, that by Friday the market should be at or very near 1100. We will see. Leading up is XLB, thanks to the aforementioned AA, with XLI and XLF close behind, and XLU, XLP, and XLK bringing up the rear. The Nasdaq is lagging slightly, but the Russell 2000 is leading quite handily. Treasury yields gapped up and are holding that gap, with the TNX getting ready to test 31. Both oil and gold are both rallying, the dollar dropping, so for today at least, al is well in the world.

I have 62 new highs so far, with breakouts in ADCT, Q, BIN, DPS, SVR, BRCM. and PRX.  There is nothing so far to report on the earnings front. 

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