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Markets overcame some early weakness once again to close near highs for the session. Textbook bullish behavior. The Nasdaq was hit the worst, but managed to rebound 16 handles from its intraday low, and close very near its highs for the session. Breakouts were slim with PIR taking out a flat base trigger of 21.34, and OII taking out a 57.55 cup with handle pivot. A few others rose past trigger points on weak trade, and will need to be confirmed going forward. They included ABV 43.25 cup with handle, WSM 46.99 double bottom, and CNI 94.93 flat base pivot. The market is ignoring some potential stiff headwinds coming down the pike, and it must be commended for that. You have individual equities like FDX UPS suggesting a potential, future economic expansion. On the other hand you have a reemergence of some defensive names like CHD CLX CL CPB. Is that an indication of investors becoming less risk averse, or is it simply a broadening of the rally? Off topic, a good example of why I demand that a stock CLOSE above its pivot point, especially if it does so intraday, is ALLT. The stock took out a 28.18 double bottom with handle trigger on 9/10/12, but reversed to close below that trigger by the end of the session. Daily volume was huge, making the breakout look like a beauty. The stock now resides more than 50% below pivot point. The moral. No matter how good the breakout looks, adhere to your discipline and cut your losers quickly.