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Tuesday, October 1, 2013

Tuesday Morning Update

Today the pivot points are a little more obvious, thanks to the gap left yesterday. Support is at 1677, the gap at 1687, so the next resistance should be at 1697. The government has gone through the motions of a "shutdown", and panic has not hit the streets. Obama's ""management by crisis" technique is wearing hin, even with the markets. Sector wise, we have leadership in XLI and XLV this morning, with XLP and XLF lagging, however there is not much distance between leaders and laggards today. The Nasdaq and Russell 2000 are both about even. I have oil and gold down, treasury yields up.

I have 224 new highs so far, with breakouts in LXRX, MTSN, ASMI, PSDV, and WRLD, I have nothing reporting today. 

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