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Thursday, June 13, 2013

Thursday Morning Update

Yesterday's breakage of support might have been a discouraging sign for the bulls, but may alsio be setting up a very bullish development: a successful retest of the 50dma, which is in the neighborhood of 1612. If the market can stay above it, we should be able to get a pretty substantial bounce off it. If not, the last ditch support is at 1598, and that may be tougher to hold. We have XLB and XLE leading today, while XLP and XLV are lagging. The Nasdaq and Russell 2000 are both lagging slightly. Ihave oil, gold, and treasury yields all down.

I have 28 new highs so far, with breakouts in PXLW, GCI, ADVS, and VGR. I have nothing scheduled to report today.

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