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Thursday, October 14, 2010

Thursday Morning Update

Yesterday I remarked about the volume, and since it was an up day i assumed it was bullish volume, but as you can see here, the bulk of it came during the last 15 minutes, while the market was selling off. 1185 is now the new target, 1170 first support, and we will probably test that range, at least the lower end, today. In a really wierd development, we have 6 green sectors and 3 red, but the market is down, thanks to a really big down day in XLF,  Leading are XLP and XLV. Both the Nasdaq and Russell 2000 are leading slightly. Oil is falt, gold up a bit, and treasury yields are dropping. The dollar appears to be dropping, so we could get a reversal in here somewhere.

I have 196 new highs so far, with no breakouts to speak of. Last night we had a report from TESS, down 5.4% this morning. After the close I have VMI scheduled, and that should wrap the week on earnings.

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