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October 26, 2009



NO STICK SAVE TODAY

It’s a “yo-yo” market which may be just part of a topping process many bears expect. There was no “stick save” today and just about every asset class lost ground save the much oversold dollar. Once again we started higher abetted by much bullish enthusiasm for better days ahead only to see things undone by sellers and rumors. The latter was that S&P would downgrade two banks that sent investors to the exits. Why anyone still listens to these guys is beyond me given the dreadful job they did with financials in the first place. But, I guess bulls don’t have much in the way of officialdom to hang their hats on nowadays. Just look at the Dick Bove nonsense last week!

Volume was again heavier on selling than buying as that pattern continues. Breadth was as lousy as you’d expect.

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Source: Tuesday Outlook: Bulls on the Run