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Wednesday, October 9, 2013

Wednesday Morning Update

I fudged the calculations a bit, putting the top pivot point at 1687, justifying it by the gaps left there in the past two weeks, because I think that 1653 is now the new critical support level. 1670 is now going to be resistance, and it might be pretty tough to get back above it. The really we have been waiting for now seems to be toast, bu we might get a pretty good bounce here. Sectorwise, XLU is way out front, XLF a distant second, while XLY and XLE are lagging. The Nasdaq and Russell 2000 are both lagging badly. I have oil and gold down, treasury yields up.

I have 18 new highs so far, with two breakouts: CALD and MEOH. I have nohing scheduled to report today.

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