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Friday, November 1, 2013

Friday Morning Update


We got one hell of a volume spike going into the close yesterday, as the big money appeared to be bailing in droves,and it looked like we were in for a nasty drop this morning. Well, it didn't quite work out that way, and we are getting another bounce this morning. 1755 is now last ditch support, and that held yesterday. Now we have a first resistance level at 1763, which is being tested as I write. Sector wise we have leadership in XLU and XLI, with XLE lagging by a mile. The Nasdaq is about even, the Russell 2000 is lagging badly. I have oil and gold down, treasury yields up.

I have 88 new highs today, with breakouts in DRAD, IG, FNHC, IRIX, ATNI, TRMB, EPAY, and NEE. I have reports from AXL, down 4.6%, and  IPGP, down 7.5%.

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