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Monday, September 30, 2013

Monday Morning Update

I actually woke up early this morning, and looked at the chart about half an hour before the open, and thought I had it figured out. Well, that was over with seconds after the open, when we gapped down below the line of death that I thought would not be crossed. This may or may not be enough to get IBD to change the market outlook, but for me anytime a critical support level is broken, the market has changed and it is time to set stops. Sector wise, we have leadership in XLV and XLU, with XLK and XLE lagging. The Nasdaq and Russell 2000 are lagging slightly. I have oil, gold, and treasury yields all down.

I have 22 new highs so far, with breakouts in DLHC, SAM, REGN, PFSW, and WBB. I have nothing on any of my watchlists reporting this week.

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