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Monday, October 31, 2011

Monday Morning Update

Live by the bailout, die by the bailout. This weekend I saw a few headlines that basically said the "sure thing" Euro bailout wasn't so sure after all, and I expected a drop this morning, but so far it has been pretty subdued. 1257 is our first major support level, which we so far haven't come close to, and 1274 should be the first resistance level for any bounce. Leading sectors this morning are XLU, XLP, and XLV. Lagging are XLB, XLE, and XLF. The Nasdaq is about even this morning, the Russell 2000 is lagging badly. Oil and gold are down, treasury yields down big and dropping.

I have 12 new highs so far, with breakouts in HUM, HRBN, and DPM. Out of all the stocks that I had scheduled to report this morning, I have a grand total of one actually reporting: CKSW, which is up 1.8%. I have SM and CAVM confirmed now to report after the close. I will try to get more confirmations before the close.

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