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Thursday, September 22, 2011


When you start the day down 30 points on the S&P at least you know where the ceiling is. Big rally in the dollar with the Euro at 134 and change, and coming off yesterday's post fed collapse, and you have the seeds of a real mess. MLPS were even down yesterday by 5 points but you can see how much better the mlp chart looks. It has been my contention that we break the August dow closing low of 10,600 and head toward the big support at 9800 and that leg may have begun yesterday. And we could get there in a big hurry if 10,600 goes with no resistence.

No news and no upgrades or downgrades. Since we're in selling mode here its wise to stand back. But with the 10 year at 1.79% and the tax uncertainty over the group lifted, when the final selloff comes there could be some real bargains to be had...just not yet.

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