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Thursday, November 14, 2013

Thursday Morning Update


The market is getting slammed down after a move up at the open; if it goes into a nasty dive like I thought it was going to, nobody will be more surprised than me. I calculate the next resistance level at 1785: we hit it this morning nearly on the nose before reversing. Now we see if the bears can get some traction. We have XLU and XLV leading the sectors this morning, with XLK and XLI lagging. The Nasdaq and Russell 2000 are lagging badly. I have oil down, gold up, treasury yields mixed, with the 10 year up marginally but the 30 year down by a good margin.

I have 220 new highs so far, with breakouts in CREG, JHX, GIB, UCTT, and TYC. I have a report from AFCE, down 5%.

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