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Friday, October 4, 2013

Friday Morning Update

Yesterday we established a new, lower trading range, and are now in a 10 day down trend. Up until yesterday, the damage was pretty minimal, but the market got hit a little harder yesterday. We are probably not in a correction, bit another leg down will put us into one. We have NFP numbers due today, but Finviz does not have them, so I don't know if the glitch is with Finviz or with the BLS: the way the market it acting, it may be the numbers were released late (the market started a pretty strong up move just after I got the chart). We have the sectors in a pretty tight bunch right now, with XLV and XLY leading, and XLK lagging, but they are all so close together that will change by the minute. The Nasdaq has a pretty strong lead, the Russell 2000 is about even. Oil, gold, and treasury yields are all up.

I have 61 new highs so far, with breakouts in IDRA, STJ, MVC, and SAN. I have nothing reporting today.

EDIT: the non release of the NFO numbers may be due to the shutdown. 

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