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1. Yum! Brands: Focus on China Is Driving Growth
By Chris Atayan
7:00 a.m. EDT

For some time now I have been holding out Yum! Brands ( YUM) as the kind of management team that has the requisite focus to not only survive but prosper in the current environment. Yesterday's solid earnings report reinforced that view. More in a piece in Commentary this morning.

Long YUM


2. Morning Trade
By Bob Byrne
8:45 a.m. EDT

Not much changed yesterday ... we still traded (for the most part) in our channels. The bears need to push us under (and close the day under) 833, and the bulls need to close the day above 854.50 (though 858.50 would be better). I doubt we'll stay in this range much longer, but guessing which way we break could be costly ... so waiting and scalping seems to be the safer approach.

The levels the bulls need to be most concerned with continue to be 854.50 and 858.50. Both of these areas have the ability to stop any advance in its tracks ... but a daily close above them will give the bulls the advantage. A break of 858.50 will find another strong area of resistance at 863.50, but hopefully 858.50 would then become strong support.

The bears have several support levels to push through before they can get back to work on the 833 area ... again. The emini is currently trading near the top of its range, so the bears will need to first push us back through moderate support at 850 and 847 and then work on strong support at 842. Below 842 and we should see more sellers emerge, possibly resulting in a quick drop to 836.50 (moderate support). After that ... we're back to 833.

Hopefully, as more stress test leaks occur we will have a resolution to our current trading range.

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