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Wednesday, November 6, 2013

Wednesday Morning Update


We are now breaking out from1768, and it looks like it is going to hold. From here it's a pretty short jump to a new high, and from there, the market might just avoid the correction that was looking inevitable last week. We have an inverted head and shoulders pattern on the intraday chart, although I'm not sure that is a valid pattern when it is at market tops; it is a very bullish pattern when it is at market bottoms. We have XLB and XLE leading the sectors this morning, with XLV, XLP, and XLI lagging. The Nasdaq and Russell 2000 are both lagging slightly. I have oil and gold up, treasury yields mixed with the 10 year up, 30 year down.

I have 199 new highs so far, with breakouts in NYNY, BCOR, ININ, OPEN, GSIG, PKD, and MGA.  On the left are reports from last night, on the right from this morning:
Ticker Change
Ticker Change
APEI 0.70%
CLH -6.64%
CTRP -3.09%
CSTE 8.26%
EOX 1.73%
HCLP -7.72%
FOSL -1.51%
SBGI 5.94%
HCI 5.92%
SUSS 1.94%
ININ 20.24%
YY 1.08%
MED -4.53%


MELI -10.27%


OPEN 11.11%


RGR -0.55%


RMTI 5.50%


TSLA -10.21%


ZAGG -12.71%




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