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Friday, June 21, 2013

Friday Morning Update





It looks like we are going to get the bounce I expected this morning, and so far, it looks pretty weak. I have first resistance at 1608, second at 1633, but I don't expect it to get past 1608, if it goes that far. This looks like a golden opportunity to sell off whatever remaining long positions that are left, and to start looking for some shorts. We have XLY and XLP leading the sectors this morning, while XLK is trailing badly. The Nasdaq and Russell 2000 are lagging pretty badly. I have oil down, gold up, treasury yield up marginally.

I have 22 new highs so far, with breakouts in WEBK, JCTCF, SPRD, and FXCM. I have nohing scheduled to report today: of interest (to  some) ORCL reported last night and is why the Nasdaq is lagging.

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