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Tuesday, October 18, 2011

Tuesday Morning Update

As we work our way down, we are approaching 1190, which, if my chart interpretation is correct, is going to be a key support level. if we hold it, then the regularly scheduled rally may resume, if not, we are probably headed for down to 1100.  Earnings so far have failed to impress, and even GS posted a loss this quarter, so it may well be the latter. This morning's leading sectors are XLF and XLI, laggards are XLB and XLV. Both the Nasdaq and Russell 2000 are lagging slightly. Oil and gold are down, treasury yields down.

There are 19 new highs so far, with the closest thing to a breakout being OIA. I have two reports from last night, both from the earnings list: BMI, down 10%, and TESS, also down 10%.

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