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Bulls Legs Chopped in the End: Dave's Daily


The routine lately has been for bulls to step in and buy any lower gap open. That was true today as bullish momentum still dominates no matter the poor data. Jobless Claims continue along the ocean floor and disappointed Thursday, but Home Sales were better than the previous month as perhaps seasonal factors with summer closings before school opens. Also, home buyers are adjusting to the absence of the first time home buyers credit so this could be the new normal for transactions. Finally, Leading Economic Indicators were better than expected which cheered bulls for a while. Then along came more troubles from Europe with Ireland's GDP reported at a negative 1.2%. The HAL 9000s must be programmed for bad news from Europe to trip the sell program button, and down we went.

The damage from selling wasn't too severe but there were some losers in financials while commodity markets were mixed overall.

Volume was still light but heavier than recent days with most coming in the late afternoon on selling. Breadth was negative.





SPY: Dare I repeat myself? The H&S top may be a thing of the past even if the market declines because too much time has passed (possibly).

MDY & IWM: For both major markets we're now down on the week which given the greater volatility should be no surprise.

QQQQ, XLK & AAPL: Apple ended higher on the day but not close to the intraday high. The problem most investors should have is the overweight of one stock within the index.

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