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Wednesday, September 22, 2010

Wednesday Morning Update

You could make a case that the resistance level here is actually 1145, as yesterday's thrust up to 1150 didn't last long, and that may very likely be the case. 1135 looks like the first level of support to me, and so far it has held. The leading sector is XLU, with XLB a distant second, and XLF is the big laggard. Both the Nasdaq and Russell 2000 are really lagging badly. I have oil and gold both up, and treasury yields are down. It appears that the bulls weren't impressed with the FOMC.

I have 127 new highs so far, with breakouts in \TTPA, VSCI, HWK, and ENR. There is nothing on my watchlists reporting, but of note is ADBE reporting last night and down 20%.

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