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Break through at the close

I had previously marked 1340 on the S & P 500 as an important level, and although the market gapped higher in the first half hour, it quickly retreated to below that level for most of the day:

The last half-hour into the close, however proved very strong, and we did have a close above the critical 1340 level.

It will be very interesting to see if the bulls follow through tomorrow!

Since it is the end of May trading, everyone is focused on year-to-date results. So here is my comparison, for what it’s worth, 151 days and 5/12ths of the way through 2011:

Standard and Poors 500: + 6.9%
Cape Cod Doug: + 22.5%

Let’s hope summer trading is merciful to me!

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