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To: joseffy who wrote (41891)	1/12/2010 5:20:37 PM
From: Rangle	Respond to of 48461

Nice move CYCC A firmly weaker start on Tuesday for the stock indices with the morning spent extending the decline. Weaker than expected earnings results (AA, ERTS), tighter monetary policy in China, downgrades in Semi and a disappointing Mid-Qtr update in Energy (CVX) have been cited as reasons for the slide. Technically the market was overheated in the wake of the Dec-Jan range breakout rally and the recent S&P six day win streak and it had lost momentum Monday (formed doji). The S&P was able to stabilize near short term support in the 1131/1129 area (session low 1131) during the afternoon with limited choppy upticks noted over the final few hours. Sector losers were led by: Gold Miners GDX -3.6%, Semi SMH -3.6%, Solar TAN -3.4%, Healthcare -2.7%, Steel -2.5%, Disk Drive -2.3%, Ag/Chem MOO -2.3%, Medial -2.1%, Materials XLB -1.9%, Airline -1.9%%, Coal KOL -1.9%, Housing XHB -2.1%, Oil Service OIH -1.7%, Internet HHH -1.7%, Broker IAI -1.7%, REITs IYR -1.7%, Bank KBE -1.7%, Telecom IYZ -1.4%. Few sectors are on the plus side other than Auto Parts +0.9%, Restaurant +0.3% and Treasuries. The S&P held at the 1131/1129 support zone and finished off the low to create a lower tail but it will take a move back through 1140/1142 amid a more bullish pattern to neutralize the weaker action off Monday's 52-wk high (1149). Minor support below is at 1126 followed by 1124/1122. fwiw gl