• The NDX 100 Index broke its key resistance level…and the S&P 500 is testing is key level.  However, we’ll have to get past this week’s expiration…and some more upside follow-through…to give us confirmation.
  • If the debt ceiling issue gets resolved, it won’t impact the Fed…or cause banks to lend more.
  • We’re seeing some underperformance from several defensive groups…including the consumer staples.  Is this just something that is working off an overbought condition…or is it the beginning of a big “rotation” move?
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