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Technical Talk

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Breadth Surge Reverses

By Arthur B. Hill - Tue 23-Sep-08 2:45 PM EDT

Breadth surged (positive) on Thursday with AD Net% for the Consumer Discretionary SPDR (XLY) exceeding +90%. AD Volume Net% for the Financials SPDR (XLF), Utilities SPDR (XLU) and Healthcare SPDR (XLV) exceeded +80% in what was viewed as a powerful advance. The table below shows Thursday's positive surge for all nine sectors. The average for the nine sectors was +78.9.

Breadth did an about-face on Monday. AD Net% for the Technology SPDR (XLK), Consumer Discretionary SPDR (XLY) and Industrials SPDR (XLI) dipped below 90%. In addition, AD Net% for five other sectors dipped below 80%. The Energy SPDR (XLE) held up the best, but AD Net% still finished at 43.6%. The average for the nine sectors was -83.6 (versus +78.9 on Monday). It is clear that Monday's selling pressure was stronger than Thursday's buying pressure. In effect, Monday's bad breadth day negates Thursday good breadth day and the market breadth is back in bear mode.

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