For you tennis geeks out there (myself included) a phrase that comes to mind, came back in 1979 when Long Island star said “nobody beats Vitas Gerulaitis 17 times in a row”. Perhaps it would have more fitting last week as this Tuesday made it 19 consecutive UP Tuesdays. Needless to say if Vitas played the Dow on a Tuesday I think he would have been soundly defeated. Benchmarks were lower briefly in the morning, and went green, but chopped gains in half by the close. Both the Nasdaq and S&P 500 closed higher by .2%. I witnessed a couple of things that prompted me to raise cash today, mostly the action of some leading stocks, and breakouts. URBN for one has been having issues with its 44.25 flat base trigger, and today was no different even after a nice earnings beat. It was down almost 3% in heavy trade today. Leading builder LEN has been doing the same, as it is now down 3% this week already, after flirting with its 44.00 flat base trigger it reversed from Monday. One of my favorite banks FRC, which had been trading nice and tight has suddenly turned wide and loose, a bearish sign. It lost more than 2% today, but did find precise 50 day SMA support. The one chart that causes me concern the most is the bullish advisers which is now in the mid 60% range. Pollyannaish?
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