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Friday, March 16, 2012

Friday Morning Update

The market is so stretched now I had to reduced the resolution of the chart to get it to fit in the screen, so I hope it is readable. It looks like we should encounter our first serious resistance near 1410, although so far it looks like it may be hitting some at 1405. However, these early drops have had a recent history of quickly reversing. We are starting to play musical sectors again, with the prior day's laggards leading. Today is is XLE, followed at a distance by XLB. XLY and XLI are lagging, yesterday's leader, XLF, is in the middle of the pack. The Nasdaq and Russell 2000 are lagging, the Russell quite badly. Oil is up, gold down, treasury yields up.

I have 176 new highs so far, with breakouts in JAX, AWS, ATLS, DVAX, IVN, and WAB. I have KBH from the relative strength list reporting this morning, and down 1.8%.

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