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Wednesday, January 4, 2012

Wednesday Morning Update

If you were a bit skeptical about yesterday's rally, so far it is paying off today. No it's time to be a bit skeptical of this drop, as we came right down to 1270 and held, indicating an important support point. If 1270 goes, however, yesterday's breakout will have failed and it's right back into range bound hell. XLY and XLU are today's leading sectores, with XLF, yesterday's leader, getting shellacked and is way behind anything else. The Nasdaq and Russell 2000 are bith lagging. Oil and gold are up, treasury yields down but not by much.

I have 18 new highs so far, with breakouts in VOC, FTK, and OILT. I have nothing reporting today and don;t see anything of interest on the earnings front.

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