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Tuesday, March 20, 2012

Tuesday Morning Update

Like a kid on Christmas Eve, wondering when the hell Santa Claus was ever going to get here, I've been waiting for a day like today for what seems like forever. So far it looks like Santa has arrived, although we've had a few false alarms before. Right now it looks like 1390 is our first level of support, and there is plenty of support below that, so the bears are going to have some tough sledding ahead. I'm just P.O.'d I didn't short more than AAPL yesterday. The leading sectors this morning: XLU and XLP. Lagging are XLI and XLE. The Nasdaq is lagging the SPX, and the Russell 2000 is getting creamed. Oil and gold are down, treasury yields are dropping like flies. The bears have it so far.

I have 24 new highs so far, with breakouts in COBZ, GALE, and WMB. I have nothing scheduled to report this morning, and don't see anything of interest in the morning reports.

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