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Wednesday, November 30, 2011

Wednesday Morning Update


Yesterday after the close Standard and Poors downgraded a boatload of banks, sending the futures careening lower and making today look like a potential bloodbath. So what happened? Another liquidity injection by the world's central banks, in another coordinated attempt to treat the symptoms rather than the disease. That, of course, sent us flying up at the open, well into the resistance zone above 1215, all the way up to 1235, where, if not resistance, we are getting at least a pause. XLE and XLB are leading this morning, XLP and XLU lagging. The Nasdaq is about even, the Russell 2000 has a slight lead. Oil and gold are up, treasury yields up big again.

I have 96 new highs, with breakouts in SPSC, ABMD, HALO, and DXPE. I have CONN from the relative strength list scheduled to report this morning, but they have not and I cannot find a confirmed date for them.

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