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Thursday, October 24, 2013

Thursday Morning Update

We have what looks like a pretty beautiful line of support at 1742, which, along with our prior resistance at 1758, gives us a mid point of 1750, which the market appears to want to test this morning. I don;t see much in the way of news driving the market today, and it is not in a hurry to get anywhere. Sectorwise we have XLY abd XLI leading this morning, XLB and XLU lagging. The Nasdaq and Russell 2000 are both leading slightly. I have oil down, gold up, treasury yields up.

I have 2218 new highs so far, with breakouts in WBCO, RADA, BABY, BCO, TCBI, BBW, MMSI, IVC, and nGNRC. I had a tyo on the earnings schedule, so I did have 5 reports last night after all: ALGT, down 1.1%; CAKE, up 4.3%; PDFS, down 3.1%, TESS, up 2.1%, and TYL, up 1.1%. Reporting this morning are ASPS, up 8.3%, and YNDX, down 3.8%.

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