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Thursday, October 13, 2011

Thursday Morning Update

1220'ish is where we have stopped dead several times in the last few months, and so far it looks like it is happening again. I kept the chart simple this morning, with a bottom support at 1180. I suspect we will stay closer to 1200 than 1180, but you never know. Wednesday's are the one day of the week I can;t see the IBD market wrap video, but a commenter says they called a follow through day yesterday. My first reaction was "are they out of their minds?" If you look closely at the chart, yesterday's volume came during the afternoon sell off, not a sign of big money accumulation. What little leadership is left has formed very faulty bases. I don't argue with IBD (I have in the past and had my head handed to me), but they have made bad calls in the past, too (but they also admit to it, a very admirable trait CNBC could learn something from). Anyway, I am going to see how this down draft acts before passing judgement. As for today, we have XLK and XLY as the leading sectors, and XLF is getting blasted. The Nasdaq is leading big, the Russell 2000 lagging big. Oil and gold are down, treasury yields are dropping like a rock.

I have 8 new highs, with breakouts in SAVE and NUAN. I  have VMI scheduled to report today, but don;t have a time, and they have not reported yet.

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