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Wednesday, October 16, 2013

Wednesday Morning Update


The headlines are ominous on Yahoo finance this morning, with a "default" looming, and it is pretty clear the market is not buying any of it. We are probably going to challenge the resistance at 1710, but we will need some volume to get through it, and I doubt we will get it. Once again we are getting no interference from the Government today: CPI numbers were supposed to be released today, but thanks to the shutdown, they weren't. We have classic bullish action in the sectors this morning: XLF and XLE are leading, while XLI and XLU are lagging. Both the Nasdaq and Russell 2000 are about even. Oil, gold, and treasury yields are all up.

I have 160 new highs so far, with breakouts in GURE, SPLP, AAP, TPI, KB, and VIP. I have a report from YHOO, which is up 1.2%.

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