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Thursday, May 16, 2013

Thursday Morning Update

Since the 10 day chart is so out of whack, I focused on the last 5 days, which gives a slightly better look at the range we are in. I wasn't quite sure about support yesterday, but when the market bounced off it, I assumed I was right. That leaves 1661 as resistance, and 1656 as the mid point, and probably the most critical level to watch today. We have a slew of economic reports this morning, which the market is most likely ignoring: it is at the mercy of the USD/JPY pair. Sectorwise, XLK is leading by an absolute mile, thanks to a humongous move by CSCO, while XLV is ;lagging by an equal mile. The Nasdaq is leading big, the Russell 2000 is lagging big. I have oil up, gold down, treasury yields down big. Whatever the market does today, it seems like it will do it big.

I have 285 new highs so far, with breakouts in EGLE, CSCO, LWAY, and INXN. I was supposed to have a report from RUE this morning, but they have not reported and I have no date for them.

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