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Friday, October 21, 2011

Friday Morning Update

We have resistance now at 1233 (about the same area it has been for almost 3 months now), so what do we do today? Rally right into it, and we are sitting directly on it as I write. The obvious move here, which has worked several times now, is to short the begeezus out of the market for a day trade. One of these days the market is going to break out (or down), but until it does, this is like shooting fish in a barrel. The leading sectors this morning are XLY and XLF, lagging are XLP and XLU. The Nasdaq is lagging slightly, the Russell 2000 leading slightly, Oil and gold are up, as are treasury yields.

I have 56 new highs so far, with breakouts in MCD, AGN, TSCO, and ACE. I have reports from ATHN, up 3.4%; CMG, up 6%, SYNA, up 18.8%, and CPHD, down 5.5%.

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