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Monday, March 12, 2012

Monday Morning Update

Daylight savings time is here, which means for us on the west coast that it is actually still dark when the market opens, so I am going to be a little groggy today. Right now we are looking at a range between 1365 and 1374, with the open nearly testing the high, followed by a reversal which is getting close to the low. I don't expect any huge moves today, but Friday's volume won't be hard to beat, leaving us vulnerable to another distribution day. The leading sectors are XLU and XLP, lagging are XLF and XLE. Both the Nasdaq and Russell 2000 are lagging slightly. Oil and gold are down, as are treasury yields. So far the bears have the upper hand.

I have 121 new highs so far, with breakouts in CMT, TISA, MIDD, and TSLA. In the non-surprise of the week, none of the stocks I have scheduled to report this morning reported. I will try to find confirmed dates and revise the earnings schedule.

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