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Thursday, March 15, 2012

Thursday Morning Update

It wasn't that long ago the that I thought the idea of the SPX hitting 1400 anytime before, of, day, this decade was a bit far fetched. Well, we are there now, and for now it looks like we hit resistance. We do have an interesting volume pattern developing here: the last minute bursts of volume in the last 3 days have been green, so it is a good bet we have some big money buying going on. We may be near a correction, but if so it may not be very severe.  XLF is leading again this morning, we are seeing rotation into there, and XLE, XLI, and XLB are very close behind. Lagging are XLP, XLU, and XLY. The Nasdaq is leading slightly, the Russell 2000 is about even. Oil and gold are up, treasury yields down.

I have 111 new highs so far, with breakouts in SCKT, MEMS, SCHL, NCT, SSNC, ABD, AFFY, and FITB. I have a report from FTK, up 1%. PCYC, which I had scheduled for this morning, is reporting after the close.

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