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Tuesday, February 1, 2011

Tuesday Morning Update

It looks like, so far, that we might get a follow through on yesterday's bounce, but we still have a little ways to go before making a new high, which will be the real test. We had mixed economic reports this morning, and that does not appear to be driving the market. A quick look at the sectors reveals what is: XLB has a huge lead, about a full percentage point ahead of everything else. XLU and XLP are bringing up the rear. The Nasdaq and Russell 2000 are leading, the Dow lagging. I have oil and gold both down a bit, Treasury yields up and rising.

I have 277 new highs so far, with breakouts in TA, SIMO, AZC, EML, FMCN, CYOU, KLIC, WWW,  and BIDU.  Reproting last night, I have ALGT down 8.%, BIDU up 7.2%, CAVM up 10.5%, and NVLS up 4.2%. This morning I have KLIC up 7.3%, and CRVL  down 1.1%. I have MEE from the relative strength list reporting after the close, but they are being bought out, so I won;t be tracking them, I also have POWL from the earnings list scheduled.

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