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Thursday, October 10, 2013

Thursday Morning Update

The chart was not terribly clear this morning (or my head wasn't, which is probably the case), so I took a wild stab at what looked like pivot points, then calculated a resistance level about 1678, which is exactly where we sit as I write this. This is looking like a pretty strong bounce, and we should get more with a push past 1678, but we could also crumble on a failure. XLY, XLI, and XLV are leading the sectors this morning, with XLU lagging by a mile. The Nasdaq and Russell 2000 are both leading. I have oil up, gold down, treasury yields up.

I have 95 new highs so far, with breakouts in SYNA, IGTE, VG, GSH, VHC, and HCLP. I have reports from IGTE, which is up 6.3%, and LNN, down 3.8%.

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