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Friday, January 8, 2010

Breakout Moves While Waiting on Jobs Data

The market delivered another mixed session on Thursday, with the Dow and $SPX positive for most of the session while the Nasdaq indexes continued to argue with a negative bias. While breakout moves have been taking place in a number of sectors, much of the market seemed to be waiting for this morning's employment data to be released before taking decisive action. The S&P and the Dow both broke out into new 2009/2010 highs, yet the event was subdued by the divergent weight of the Nasdaq and $SOX.

With the jobs data now out with slightly disappointing news, futures are meandering in mildly negative territory before the open. Still, the reaction has been muted, and recent strength in financials, commodities-elated stocks, and even homebuilders warrants watching as we kick off the new year. Market action has been curious over the past few sessions, with the major indexes barely budging while many individual stocks have seen big moves-- in both directions. There have been plenty of intraday opportunities for both long and short plays as some sector rotation as well as positioning for earnings season take place. Let's take a look at a few charts worth watching near-term.

Trade well.


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