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Tuesday, July 19, 2011

Tuesday Morning Update

Yesterday's daily chart looked like it was poised for a bounce and that is what we are getting this morning. We broke through a pivot at 1316 pretty easily, so this may have more juice than I thought it would  I don't know what is up with the volume on the charts, we can survive without it, but any picture of price without volume is like trying to thread a needle with a blindfold on. The leading sector is XLK, followed by XLY and XLE, and the laggards are XLU and XLV. The Nasdaq and Russell 2000 are both leading big. Oil is up, gold down, treasury yields up.

I have 83 new highs so far, with breakouts in MDF, HOG, IBM, GTLS, and KO. Reporting last night was WYNN from the relative strength list, up 0.7%.  I have bunch scheduled for today but it looks like most are reporting after the close. Those reporting this morning: MMR down 1.6%, PII up 4.5%.

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