Friday, January 21, 2011

Opening gap lower is followed by dip buyers supporting Jan 3 close

1 1/4% losses in the averages in the opening 30 minutes was reversed into small losses. ISRG did well up 33 pts after hours and GOOG up 6 pts on a positive reaction to earnings.

Only 64 issues closed with 50 day highs.

Aerospace & Defense led the gainers. RTN up 2.2%, LMT up 2.1%, LLL up 1.75%, & NOC up 1.52%

Materials was the worse sector down 2% with China's intent to raise interest rates. Coal did recover as WLT and ANR snapped back from hideous 5 day losses.

Options expiration is tomorrow.

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