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Monday, October 28, 2013

Monday Morning Update


The market is encountering stiff resistance at 1759, but so far does not want to sell off, which means we may make a few attempts to break out, and eventually will probably succeed. We have a couple of good economic reports this morning, industrial production and capacity utilization, but the market is paying about as much attention to them as I am. Right now the focus is on that 1759 level, and with the volume surge we got on Friday, we could see another one as soon as resistance is broken. We have XLP and XLV leading the market this morning, not a bullish combination, and XLF and XLE lagging. The Nasdaq and Russell 2000 are both lagging slightly. I have oil and gold down, treasury yields up.

I have 160 new highs so far, but not a lot of breakouts: FRM, LORL, BMY, and WIRE are about all I have now. I had 3 stocks scheduled to report this morning, and 2 actually have: AHGP 0%, and SOHU, down 10%.

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