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Wednesday, August 28, 2013

Wednesday Morning Update


We may have support at 1628, although at this point we have a pretty weak bounce, so I would not be counting on that support, with resistance at 1638. The chart doesn't really look right, so I do expect some changes during the day, but at some point we will carve out a new range. XLE is way out front this morning, with XLK a distant second, while XLP and XLU are lagging. The Nasdaq and Russell 2000 boh have small leads. Oil is up over 110, gold is up, and treasury yields are up. This could be a wild day.

I have 23 new highs so far, with breakouts in KEQU, PNG, ZLC, SDRL, INVN, and HEI. I have reports from  AVAV, down 4.7%, and DY, down 3.6%.

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