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Tuesday, October 11, 2011

Tuesday Morning Update

Yesterday sure threw a monkey wrench into my elegant market analysis, and all I can see on today's chart is confusion. Yesterday's high was roughly 1195, and so far we have not challenged it, although I suspect we will today, but so far we are seeing some weakness. 1181 may be a support level, but I am not counting on that. I am expecting low volume again today, which normally would lead to a fairly narrow trading range, but yesterday's huge range came on low volume, so I better not count on that, either. So far my stance that last Tuesday was a key reversal until proven otherwise has held up, but my stance that I sit on my hands until we get a follow through day has also held up (and become a little frustrating). Among the sectors XLE has a very comfortable lead, while XLF is lagging by a mile. The Nasdaq is leading, but the Russell 2000 is trailing. Oil and gold are down, and the bond market is open today so I have valid quotes on treasury yields, which are up big.

I have 13 new highs so far, with 2 breakouts: GIS and DG. Last night MG on the relative strength list reported, and is up 1.5%.

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