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Thursday, June 20, 2013

Thursday Morning Update

It's a litle amazing just how perfectly symmetrical the chart is: an obvious pivot point at 1630 and highs and lows equal distance from it, almost exactly. What's even more amzing is we have traversed that entire range in a matter of a few hours. 1606 is the low, and today we almost hit it, bouncing off 1608. It's likely we will reverse here, and if we can get back above 1630, this market is in pretty good shape. If we stay below, it is going to be a struggle, and a break of 1606 is going to be serious trouble. The good news (I guess) is that XLK is way out front this morning, while XLE is way behind. The Nasdaq is leading slightly, the Russell 2000 is lagging quite badly. I have oil and gold both down big, treasury yields up big. Holy smoke.

I have 17 new highs so far, with breakouts in WMGI, ENT, WAGE, and GME. I have reports from MU, down 3.3%, and PIR, down 3%.

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