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Monday, June 24, 2013

Monday Morning Update

I expected a sharp drop this morning, which we got, but I also expected the market to find it's footing quickly and stage an early reversal, which so far, it hasn't. I have a calculated support level at 1556, but that is a long way from here and this may find support well above that. but again, so far there are no signs of it. he market is currently living or dieing on Bernanke's hot air, so I think we can expect some kind of intervention (such as what we got late Friday, which did stop the drop). Sectorwise, XLU and XLP are leading, XLF, XLE, and XLB are lagging. The Nasdaq is about even, the Russell 2000 is lagging slightly. I have oil up, gold down, treasury yields up.

I have 18 new highs so far, with one breakout in ISIS. I have nothing scheduled to report today.

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