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Friday, September 17, 2010

Friday Morning Update

It looked like we were going to get a breakout this morning, and in fact tested 1131, the longer term resistance level that the market has been trying to test for the last week now, but got swatted back quickly. We are now headed back for 1121, which, so far, is holding. U of M consumer confidence came in much lower than expected, which would explain the weakness but not the near breakout this morning.  XLY and XLK are the leading sectors, with XLI not far behind, and getting trashed in the rear is XLB, down more than 2%, with XLU a distant second. The Nasdaq is leading, the Russell 2000 is trailing. Oil is down, gold is up, and treasury yields are dropping after a gap down, so the market is apparently seeing something it doesn't like.

I have 120 new highs so far, with breakouts in PSTI, TCPG, ORCL, GSM, and DTSI. Although the aren't on any of my watchlists, the only earnings of significance to report are ORCL, up 6%, and RIMM, up 2.6%.

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