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Thursday, July 7, 2011

Thursday Morning Update

I forgot to mention last night that today is another travel day for me, so I won't be doing any more posting until probably about an hour before the close, but I do have time to get this morning's chart up. As you can see, we have a clean breakout from 1340, and it looks like clear sailing up to 1360 (which didn't fit on the chart). It's a little earlier than I usually post so this will likely change, but so far the leading sector is XLY, with XLF and XLE close behind, and lagging are XLV and XLU. The Nasdaq and Russell 2000 are about even, but again, it is probably too early to draw any conclusions from that. Oil and gold are up, treasury yields up pretty big, with the 10 year at just over 2%.

I have 344 new highs at the moment, with few real breakouts: HITK and AIR are about all I have now. PSMT is not a breakout, but gapped up big this morning, which means they reported earlier than I had scheduled. Also reporting was OCZ from the relative strength list, and that is up 10%.

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