Prim and Proper

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It behooves you to at least acknowledge that today’s pullback is harmless and healthy, with bonafide areas of underlying strength. There are plenty of names that continue to scream higher, such as $BIDU and $CMG, while we are also seeing some money rotate over to names that have been setting up behind the leaders, such as $ATPG, $RIG and $HMIN.

To be sure, there are plenty of names in the red. However, today is far from a bloodbath. If the selling starts to pick up this afternoon, then that would be a reason to reconsider. For now, though, today is a healthy pause, and I am treating it as such.

Finally, keep $BP on your list of scans. It looks a lot like $ATPG did before today’s breakout. With the oil spill out of the news headlines, and with elections coming up, this one should resolve to the upside out of the tight apex of the multi-month symmetrical triangle.

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