9/23/2010 - Evening Review

General Market Outlook

Today was an odd day, the indices appeared to take some damage but looking at today's breadth it was a slightly negative breadth day. Most leaders seemed to hang in there with a few of the RS leaders like GEOY, RES and IGTE taking some punches.

Primary breadth is still positive and we're getting some wiggle room on the overbought levels we've been at for the past few days.

Another down day and the short-term trend will switch to bearish. I'm 90% in cash at the moment so I will probably SOH (sit on hands) over the next few days while this works itself out (to the downside or upside).

Until the primary breadth indicator turns negative I will be scanning the watchlists nightly looking for new setups.

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