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Tuesday, November 19, 2013

Tuesday Morning Update

The market is now establishing some pretty firm support and resistance levels, and the mid point between the last two pivot points looked like it was going to be a support level. Yesterday's drop stopped right there, and this morning, the market was struggling to drop but could not get below 1788. However, it has now given way, putting the market in the lower half of the trading range. Support should be around 1774, and the likely hood of us testing that in the next couple of days now looks pretty high. XLF and XLK have taken the lead among the sectors, while XLP and XLE are lagging. The Nasdaq and Russell 2000 are both leading. I have oil down, gold up, treasury yields up. So far we are bearish, but ripe for a reversal.

I have 64 new highs so far, with breakouts in JPCI, HZNP, DAKT, MNTG, RCKB, BRCD, UAL, HCOM, and PPBI. I have reports from CCIH, down 17%; NOAH, down down 12.6%, and TSL, up 4.2%.

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