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Monday, September 27, 2010

Monday Morning Update

1150 is now proving itself to be a tough resistance level, and our old pivot at 1121 is now looking like pretty tough support, and the market does not appear to be ready to move out of this range in either direction. So far the trend is down, but we will see after the first hour if that reverses. If treasury yields are a guide, we won't, because they just gave back all the gains from Friday and are still dropping. Leading sectors are XLU, XLE, and XLK, trailing are XLV. XLI, and XLF. The Nasdaq and Russell 2000 are both lagging, but not by much. Oil is down, gold is up, and as i said, treasury yields are down.

I have 151 new highs so far, with breakouts in HNR, LDK, TDG, and CEA. Of interest on the earnings front, a former member of the earnings list, CALM, is down 3%.

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