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Tuesday, June 18, 2013

Tuesday Morning Update

Normally I think that my support and resistance levels are correct when the "look right", that is, they fit the chart. Here, they sort of, so I am sort of correct. .The most recent highs and lows are usually good sarting points. The recent low, in particular, matches a previous gap, which may reinforce support, while thee most recent high nearly matches the 10 day high, and the middle pivot also nearly matches a prior turning point, so if these leaves are not correct, they are probably very close.  That leaves 1630 as support, 1646 as resistance, and 1638 dead center. Sector wise we have leadership in XLK and XLE, while XLU and XLP are lagging. The Nasdaq has a hefty lead, the Russell 2000 is about even. I have oil up, gold down, treasury yields up, with the 10 year now above 22.

I have 103 new highs today, with breakouts in CYTK, MPAA, TDG, WYY,  LZB,  and ICE. I have nothing scheduled to report today.

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