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Friday, October 28, 2011

Friday Morning Update

Against my better judgement, last night I tried to do some reading on the details of the Euro bailout, and it seems that China is going to be the one doing the bailing out. Now, I seem to remember the exact same story coming out a couple of weeks ago (and that also got a similar reaction in the market), but that one didn't pan out. So this one is different? I guess. Anyway, once the herd gets going, you better get out of the way.  So far this morning we are getting the expected pullback, and i will be watching 1274 as a possible entry point. It is likely we will see the short term traders selling today as it is Friday, and in this environmment it can be suicidal to hold positions over the weekend.  Leading sectors his morning are XLK and XLI, lagging are XLF and XLU. Both the Nasdaq and Russell 2000 are about even. Oil and gold are down, as are treasury yields.

I have 63 new highs so far, with breakouts in RATE, STMP, DECK, ELGX, and ASGN. Reporing last night I have CAP, up 4.6%; CTCT, down 8%; and ERTS, up 0.7%. Reporting this morning were DECK, up 5.8%; DLR, down 0.7%; and TRLG, up 1.8%.

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