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Tuesday, September 7, 2010

Tuesday Morning Update

The summer vacation season is over, and our first clue as to the big money boys' intentions for the market aren't terribly encouraging this morning. The selling was pretty heavy at the open, but volume hasn't really picked up yet, and this could turn into a dip buyer's dream. 1105 is the top of the range, 1080 looks like the first level of support below the gap, which puts that gap right in middle of the range, ans so far the market is holding it.  Leading sectors today are XLP and XLU, lagging are XLF and XLE. The Nasdaq has a slight lead over the SPX, but the Russell 2000 is lagging badly. Oil is down, gold is up, and treasury yields are down big. If we are looking for a reversal today, it sure doesn't appear to be coming any time soon.

I have 67 new highs so far, with breakouts in EPE, CASY, GBG, GNI, and VRX.  On the relative strength list we have CASY reporting this morning, which is up 7.8% this morning, but is also apparently the subject of takeover rumors.

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