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Wednesday, October 5, 2011

Wednesday Morning Update

We are seeing a good illustration today of why we wait for a follow through day to start buying (as if there were anything to buy). Yesterday's nearly 50 point move, coming in 45 minutes and on pretty high volume, now appears to have been computer driven and may have had more to do with engineering a short squeeze rather than euphoria over the latest bailout. It is, of course, too early to draw any conclusions from a small srop after a big move up, but I suspect we are going to be seeing a lot of this in the next couple of weeks. the leading sectors today are XLB and XLI, lagging by a mile is XLF. The Nasdaq and Russell 2000 are bth lagging. Oil is up, gold down, treasury yields up big.

I have 6 new highs so far, with a sort of breakout in CPHD. I have a report from COST, down 0.8%, and still no report from LFUS.

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