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Bulls Regain Control

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The indices have recovered from their gap down open and are back to the upper end of yesterday's range. The morning weakness followed by a quick recovery to new highs is becoming a steady pattern. However, despite the strength in equities, the strength in treasuries continues to mount, with the FVX up just 0.5 bps at the time of this writing, while the TNX is down 0.6 bps and the TYX is down 1.7 bps.

The US Dollar Index got hit on the disappointing balance of trades data this morning, and has been attempting a recovery, currently at 94.80. June gold is managing to hold the 350.60 level despite a few brief dips below the 350/oz line, while the commodities index (CRB) is down .77 to below the 240 level, with strength in heating oil, crude oil, cotton, natural gas and copper.

Market internals show declines leading advancers slightly, 1592 to 1488 on the NYSE and 1497 to 1389 on the Nasdaq. Volume-wise, there are 310M advancing shares and 312M declining shares on the NYSE, with 592M advancing shares to 304M declining on the COMPX. The TRINQ has been trading near the low end of its range, with readings below .50 for most of the session, and the QQV has been negative, -.95 at 27.80 at the time of this writing. The TRIN was in bullish territory as well, .79 at the time of this writing, with the TICK above 1000, showing continued bullish enthusiasm.

Equity leaders are MRV Communications (+11.59%), Iona Tech (+8.70%, CMGI (+6.86%), Loral Space (+6.98%) and Texas Utilities (+6.80%), with CNH Global (-5.62%), USF Freightways (-3.61%), UAL (-3.91%), ASM Lithography (-3.87%) and Centerpoint Energy (-3.87%) leading the losers.

Most sector indices are back in positive territory with the exception of the Transports, the SOX semiconductor index, the DFI defense index, the FPP forest and paper products index, and the XAU gold & silver index. Even these sector losers are only down fractionally.

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