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Wednesday, September 13, 2006

Broad Based Rally

It was a broad based rally with the homebuilding(+7.7), brokers/dealers(+6.7) & retail(+14)sectors advancing strongly. Continued declining oil prices coupled with some upbeat earnings from Goldman Sachs (GS)and Best Buy (BBY) boosted the stock market.

Goldman Sachs, which announced a solid Q3 report + 60mil share buyback, rocketed its stock by almost $9 to a high of nearly $160. Watch out for Lehman Brothers(LEH) & Bear Stearns(BSC), which are announcing earnings on Wed & Thurs respectively.

BBY was simply amazing. The stock gap down $1, before climbing another $6!!!

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