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Friday, May 13, 2011

SPX Chart

Here is the revised SPX intraday chart, which actually has no changes as far as the support and resistance are concerned, but it looks to me like any bounce that fails to get back above 1342 is going to be shortable. I have XLP as the leading sector right now, with XLE and XLV not far behind. The laggards are XLB, XLF, and XLI. The Nasdaq is lagging, the Russell 2000 leading. Treasury yields are down pretty big, and oil and gold are both down.

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