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The Momentrix View of the Markets for Wednesday July 13, 2011

|Includes: APKT, ARUN, Intel Corporation (INTC), MSM, OPEN, ULTA
 Futures painted an increasingly good picture as the morning went, boding well for a market rally. The Bernank (Ben Bernanke) highlighted the day with his testimony in front of Congress, the market interpreting his testimony as an increased probability of QE3.
             With this news the market rallied sharply, the Dow up 160 points at the high of the day. A downgrade of Greek debt by Fitch put the high in for the day and the market slowly eroded for the rest of the day. A rumored statement on the U.S. debt debate by John Boehner is the culprit for the sharp fade in the 3 o’clock hour. The S&P 500 finished the day up .3%, a disappointment considering the early rally.
We let some lagging stocks go into the early strength, reducing $APKT and $ULTA. We traded completely out of $ALTR, $ARUN, $MSM, and $OPEN. We also added to a hedged position in the portfolio. We are looking to reposition into some new opportunities at lower prices. It is a very difficult market right now and we are being very careful with our exposure.