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Monday, July 11, 2011

Monday Morning Update

"The market always does what it is supposed to do, but never when it is supposed to" is becoming my mantra, and I might add to that, "tops are never where they are supposed to be". If this chart isn't a classic topping formation, I don't know what is. Friday we broke key support at 1340 but closed above it, broke it again this morning, and are staring down the barrel of a test of 1320. It appears the Euro is in trouble again, and the market is following it. We don't exactly have a "leading" sector this morning, but those getting creamed less are XLP and XLK. Lagging are the usual suspects, XLE and XLF. The Nasdaq is leading slightly, the Russell 2000 about even. Oil is down, gold up, treasury yields down.

I have 42 new highs so far, including a chart from Friday, ARJ, which has been making an inexplicable move for the past week on high volume. Today we got the explanation, a buyout. If the SEC wants to keep even a shred of credibility, they had better get on the ball here. I see only one breakout so far, TRIB. I don't have any earnings reports scheduled for today.

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