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5/9 Mid-day Blog

3pm-  BLOG

One hour to go. We've seen S&P stall a bit after Noon-time minor breakout above late April highs at 2682-  this should lead up above 2700 to 2711-8 area-   NASDAQ Comp and NDX-NAZ 100 and Russell 1000 all breaking out today to highest since late March which is Bullish near-term for these.  Breadth not inspiring. Less than 2/1 positive, and 5 sectors up by more than 1%.   Energy, Industrials, Tech, Financials and Materials.. While Utes, Telecom both down and underperforming as Yields tread water near 3%.   Overall the move in US TY yields today is important and suggests some followthrough to 3.05.. And Crudes move also can allow for a bit more upside.  So the Crude and TY movement earlier were the focus, but equities now have regained some of the focus.. With QQQ breakout-   STILL early to think S&P has made larger breakout of its downtrend from January.. That level comes near 2711-9 area, and thought to be important.   But Today's rally does suggest continuation tomorrow, particularly in TECH, Industrials and should be highlighted-