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Friday, June 7, 2013

Friday Morning Update

The market was probably headed up anyway this morning, so the NFP numbers, coming in about as expected, probably are having no effect. We have broken through our first key resistance level and from here it should be clear sailing until 1647. Those expecting a big correction now seem to have been frustrated again, but only for the time being: the big one will come. XLP and XLV are the leading sectors today, while XLK and XLB are lagging.  Both the Nasdaq and Russell 2000 are lagging. I have oil and gold down, treasury yields up.

I have 100 new highs so far, with breakouts in WSBF, MTSN, COO, CA, THO, NVTL, GPS, KKD, and BGCP. I have a report from JKS, up 17%.

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