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Monday, June 10, 2013

Monday Morning Update

Once in a while, the lines on the chart just seem to draw themselves, and that is what happened this morning. Sometimes the market behaves irrationally, but usually, if you are patient enough, you start to make some sense out of what it is doing. Resistance is at 1647, which has been a pivot point for quite a while, and continues to be one. While I do expect a breakout, I think we will get a shallow pullback first and this may be it. XLB and XLK are leading the sectors this morning, with XLE and XLI lagging. The Nasdaq is leading slightly, the Russell 2000 is about even. I have oil up, gold down treasury yields up.

I have 154 new highs so far, with breakouts in  STEL, CUNB, CSPI, and MPAA. I have nothing scheduled to report today.

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