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Tuesday, March 6, 2012

Tuesday Morning Update

We have finally broken out of range, but to the down side. We have lost all 10 day support here, and I estimate that we won't see nay until 1338. It looks pretty ugly so far, with selling piking up across the board. The leading sector so far is XLP, with XLV close behind. Trailing are XLB, XLE, and XLF. The Nasdaq and Russell 2000 are trailing, but not by much. Oil and gold are down, treasury yields down big and dropping.

I have 20 new highs so far, with breakouts in SHFL and NETC. I have 2 reports from the relative strength list scheduled this morning: AKRX, down 5%. MAKO is reporting after the close.

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