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Wednesday, December 28, 2011

Wednesday Morning Update

I believe I have the right day today. Boy, I was a bit out of it yesterday. Well, it seems my forst instincts about 1267 have so far proven correct. Yesterday we had a false breakout (which I did not believe was false until the sell off at the end of the day), and now it looks like we are headed down. Now we get to see if this is a minot pullback or a major collapse. The first level of support here as I calculate it is 1252, and that should be the key. Ultimately we could go down to 1240, but 1252 might be stronger support than it looks. It has been a while since I have seen all red sectors, and leading todfay (that means the least red) are XLP and XLU. Lagging are XLB. XLI, and XLE. The Nasdaq is lagging slightly, the Russell 2000 lagging a little more. I have oil and gold down, treasury yields down and dropping.

I have 76 new highs so far, with a breakout in ACAT. I have nothing to report on the earnings front.

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