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Monday, September 20, 2010

Monday Morning Update

I seem to be struggling with another slow connection this morning, as it took me a good 15 minutes to upload this chart. We were already up this morning, and just below the resistance at 1131, when something called the NAHB market index was released at 10 am. I have no idea what it is, but the market took off afterwards, and that resistance at 1131 is now broken. There should not be a whole lot of resistance all the way up to 1041, so I will be looking for a test of that soon. Leading sectors are XLY and XLE, lagging is XLB. The Nasdaq and Russell 2000 are both leading big. Oil and gold are both up, and treasury yields are rising after a gap down.

I have 244 new highs so far, with several that look like acquisitions, so I will list only those that look like actual breakouts: RFIL, ROVI, TDC, ACOM, and SVN. I have nothing to report on the earnings front.

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