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Markets finished slightly bifurcated today with the S&P 500 up .5%, while the Nasdaq closed just below the UNCH mark. The Nasdaq did recover 20 handles from their intraday lows, and both benchmarks went out near their highs for the session. A couple of housing related breakouts occurred today, with most notably DHI taking out a 22.89 flat base trigger post earnings on enormous trade. BZH took out its own 19.19 double bottom with handle pivot. HOG took out a 54.42 flat base trigger on earnings today as well. PXD closed above a 115.79 flat base trigger, but volume did not accompany the move. Becoming concerning is the action of some leading stocks as of late. Monday we had double digit downward moves from DDD SSYS, (14% and 10% respectively), and they did recover somewhat today. Today STX RAX PII HRS all surrendered between 5-9%. Many of these are still above their 50 day SMAs, which is a testament to how far some of these have ran. More evidence of possible frothiness if the number of new 52 week highs versus 52 week lows. A look back at the previous 3 days on the NYSE shows: 1/24 439 to 7, 1/25 344 to 10, 1/28 314 to 12. Some pretty overwhelmingly foamy statistics, don’t you think?

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