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Friday, May 17, 2013

Friday Morning Update

Yesterday we did undercut the prior low of just a couple of days prior, but that appears to have been a head fake, as we are bouncing back pretty strong today. I did move the support level down to yesterday's low, but it is still likely that the support I have yesterday is stronger and will hold. No that that matters right now, as it appears we don't have to worry about support.As of 10 am eastern, the market appears to be taking off to the upside. We have XLI and XLE leading today, with XLP quite far in the rear.  Both the Nasdaq and Russell 2000 are about even. I have oil up, gold down, treasury yields up.

I have 235 new highs, with breakouts in MHGC, XEU, ANW, and OII. I have nothing on my watchlists reporting this morning.

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