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Friday, December 9, 2011

Friday Morning Update

All online brokerage accounts should come with a warning: "trying to prognosticate the markets is hazardous to your mental health". Yesterday we broke what I thought was going to be critical support at 1240, but looking at the chart this morning, it is now obvious that 1232 is a much more logical support level, and the chart now looks a little better. So, the near panic yesterday is now looking like a normal pullback to support, and we are getting a bounce this morning. XLF is leading big this morning , and XLB is lagging by a mile. The Nasdaq is lagging slightly, the Russell 2000 is leading slightly.I have oil down a bit, gold up, treasury yields up.

I have 13 new highs so far, with no breakouts yet. I have 3 stocks scheduled to report this morning, and believe it or not they have all reported: KMGB is up 1.5%, OYOG down 5.6%, and TITN is up 1.9%.

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