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Monday, April 12, 2010

Monday Musings

Stocks finished last week with a flourish, rallying into the close and punctuating the move with new 2010 highs in all of the major indexes and many sector indexes. Volume on the session was not exciting, but picked up in the late-day advance. A Eurozone bail-out offer for the beleaguered Greek economy announced over the weekend boosted overnight stock futures along with the Euro and may set the early tone for the week. Breakouts were taking place across many sectors last week, and base breakouts in many charts set a positive backdrop for the "big picture" over the near to intermediate-term. Shorter term, however, some indicators are starting to register overbought readings, and after the considerable run-up we've seen some consolidation or a pullback may not be too far off.

Precious metals had a strong move last week and the charts have turned increasingly bullish. Oil also advanced and looks good for additional upside near-term. Financial stocks continued to firm up, and semiconductor stocks moved up into the close on Friday and should be watched today and ahead of bellweather Intel's earnings out this week.

Let's get to the charts:


That's it for now.

Trade well.

-- Brinkley
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