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Tuesday, July 19, 2011

Market Thought... follow through

The SP500 tested its 28/32 SMAs, but as highlighted (in the 'MN' post) strong earnings have propelled the market higher.

There are subtleties within the indexes that I follow that would suggest the market sees some follow through. The SP500 itself also suggests this.

The only blatantly negative index is the semi. But this may change when Intel reports.

(The daily on the transports looks shaky, but the weekly is very much intact.)

Of course this assumes the EU leaders don't sneeze the wrong way causing Itay's debt to rise :)

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