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Wednesday, October 12, 2011

Wednesday Morning Update

Yesterday's resistance at 1200 did not last long, it broke right at the open today.I don;t know what the news out of Euro land is, but I'm sure a surging Euro is responsible for this. I am assuming a wide range today, so it appears that with support at 1172, the next resistance level will be 1228, which will be a real stretch to get to today. XLF and XLI are the leading sectors, with XLU lagging badly. Both the Nasdaq and Russell 2000 are about even. Oil and gold are up, along with treasury yields.

I have 30 new highs so far, with breakouts in NSR, HCSG, DECK, and TYL. I have no reports on the earnings front.

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