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Monday, July 18, 2011

Monday Morning Update

We are certainly off to a bad start for the week. The market is dropping like a rpock, but so far has held the support at 1306. with the recent high at 1316, that gives us a nice little 10 point range today, assuming 1306 holds. If it doesn't, look out below. The leading sectors this morning are XLK, XLP, and XLU, all in a vitual tie for the lead, with XLF and XLI taking up the rear. The Nasdaq is about even with the SPX, the Russell 2000 lagging very badly. Oil is down, gold up, treasury yields are down. the VIX, amazingly enough, is over 20 for the first time in a while, certainly not a sign of panic.

I have 44 new highs so far, with breakouts in PPDI, EDU, CHKP, and WYNN. I have a bunch of stocks scheduled to report today, but it doesn't look like any have reported yet. I will revise the earning schedule either tonight or tomorrow morning.

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