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Thursday, September 23, 2010

Thursday Morning Update

1131 now appears to be the midpoint of a new range, the upper and lower boundaries of which are somewhat debatable, but at this point I don't expect to stray very far from the middle. It's Thursday, which lately has been the big day in the market with the unemployment claims numbers, but they have not changed substantially in so long that the market is starting to ignore it. Recovery or not, it is pretty clear that the unemployment situation is not going to improve any time soon.  XLK and XLY are the leading sectors this morning,  XLF and XLU the laggards. The Nasdaq is leading big, the Russell 2000 just slightly ahead of the SPX. Oil is down, gold up, and treasury yields gapped down this morning and attempting to fill the gap.

I have 63 new highs so far, with breakouts in in EW, DTG, RHT, ASYS, MNRK, CALD, and CIM. We have a report frpom TIBX on the relative strength list, up 3.3%.

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