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Thursday, March 8, 2012

Thursday Morning Update

I am no longer in Ben Bernanke's rollodex (I think it was photoshopping his face on Che Guevara's picture that ticked him off), so I don't know what he leaked yesterday, but it sure has juiced the market. What really bothers me is that a mere 1% drop was enough to cause TPTB to panic and intervene in the market, something that, in 2008, eventually resulted in the epic crash. I listen to Gary Kaltbaum's radio show, mainly because he talks about the same style of trading that I do, which is informative but boring as hell, but also because, on rare occasions, he nails Bernanke to the wall. Yesterday's show he spent the entire first half of the show ranting about Bernanke interfering with the market, it was music to my ears. Be sure to download the podcast (Wednesday's show).  Anyway, here are the leading sectors so far: XLV and XLB, and bringing up the rear are XLU and XLE. The Nasdaq is about even, the Russell 2000 lagging a bit. Oil and gold are up, treasury yields up but not by much.

I have 85 new highs so far, with breakouts in SMTX, HOTT, TEAR, CYAN, FLY, and SBUX. I have one report from last night, FTK up 8.4%. Reporting this morning: FLL up 0.3%, TCAP up 1%. AFFY and ZUMZ are reporting after the close.

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