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Joined Apr 1, 2010
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A Bounce and a Bid

The S&P 500 smartly bounced off of that 1332 area this morning, as the bulls valiantly try to turn prior key resistance into current support. While being too particular about closing on, above, or below 1332 is probably overdoing it, traders nonetheless need to respect the fact that we have swiftly moved from the lower to the upper end of our multi-month trading range. Hence, seeing if the range will hold true is significant.

Beyond the senior indices, the small caps are slight laggards today, while some of the washed up and much-maligned large cap technology stocks are catching a nice bid. I wrote two posts late last week discussing this idea, which can be seen by clicking here and here.

Some of those tech laggards that are performing well today are: CSCO EBAY YHOO

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