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Jan 30th: We are back staring down at the 200-day moving averages after Friday's losses, although we may have a 'sell-the-rumor-buy-the-news' following the relatively peaceful Iraqi elections - watch . futures for leads. Energies are likely to suffer on this. Tests of the 200-day averages will set up nice bullish divergences in the technicals and provide an excellent long side play. The semiconductor index played to form and revesed off its 20-day moving average. If it can reclaim this level next week it will set up the tech indices [ NASDAQ, and NASDAQ 100] very nicely. Friday was a day of distribution for the Dow and S&P, but if Friday's highs are breached all of this volume will be in the green and mark new support (or demand driven by short covering). Monday will be interesting.

Individual stocks to watch: Gold issues continue to mark a bottom. There may be one brief leg down but support looks to be in place. ISLE is sitting at support of a descending triangle - a loss of which sets up a move to $19.00. MYGN is just hanging on to its breakout - watch for the reaction at long term support (the rising blue hashed line just below the 50-day moving average). ONEI bounced on light volume - such rapid one-day gains from a base tend to be bearish. Resistance at the 20- and 50-day moving average make buys here risky. RATE looks to working through its bullish flag - watch the 20-day moving average as the bounce point. TOA has held its breakout of $26.50, watch for test of $29.16. CSCO and FIX look to have confirmed breakdowns following their failures to regain prior support on their respective bounces [CSCO is an aggressive short - but if futures are up I would hold out a little longer]. Watch NT for a double bottom - $3.05 marks support. QCOM closed inside its lower BB band after previously closing outside the bands. Friday's small hammer sets up a low risk entry to the 20-day moving average (mid-BB band), CNTY may have breached a rising flag - take partial (or all) profits if long. CRIS has tested long term trendline and 200-day moving support on low volume - aggressive buy with stops on a loss of $4. Another stock testing trendline support is IIIN, although the 200-day moving average remains some $3 off Friday's close. NOOF closed strong on Friday - a break of $9.70 is an excellent long side play.

Breakout failures: ANSI didn't last a day as a breakout. CRIS featured on Dec 3rd although it did manage to a 33% gain at its highs before it reversed. HLEX featured on Nov 24th and Jan 11th hit its higher stop after a sharp intraday stop shakeout Firday. TUES never recovered from its gap down - the stock featured last July.

Breakout targets met: none

Jan 27th: After hour earnings from Microsoft looks set to boost markets tomorrow, although markets ended the day flat, unable to build on morning strength (dojis - i.e. equal open and closing values imply indecision). The next couple of days could see tests of the 20-day moving averages in the various markets, but I think the markets still need a more robust test of the 200-day moving averages. If the markets can't gain on what will likely be a gap up tomorrow it will be abother tick in the bear column. The semiconductor index is up against resistance of the 20-day moving average, it failed the test at the start of the year, will it do so again? Secondary indicators, other than the $NAA50, provide cold comfort to the bulls as they continue downwards.

Breakout failures: none

Breakout targets met: none

Jan 26th: Better volume, but markets limped higher on a relative scale to Monday's selling. This level of suspicion may bode well for the markets if it can continue tomorrow. The further we climb, the more edgy sidelines folk will be if they fear missing the next rally. At this stage one should look for move in the NASDAQ, S&P, and NASDAQ 100 to former channel support which lurks where the 20- and 50- day moving averages sit now. Upward moves in the tech averages will be supported by a move to resistance in the semiconductor index downward channel (around 415). The Dow sits at aggressive short territory - although the oversold nature of the technicals makes such a play risky. The Russell 2000 perhaps looks the best to rally from here. It lies closest to its 20-day moving average, a breach of which should be good for a move to the upper Bollinger band. The $NAA50 was the first secondary indicator to reverse. When all three secondary indicators turn green it will be time to start fishing for some more breakouts - as things stand now, breakout plays remain a vulnerable commodity.

Breakout failures: VISG featured on Dec 1st. Its rally to $9.94 fell $0.40 short of its target, instead it spiralled down to hit its stop at $6.98. This brings the total number of breakout failures for December to 41 with only 2 successes.

Breakout targets met: none

Jan 25th: The relief rally is in its early days, but volume does not inspire confidence. Traders look to have jumped the gun on the 200-day moving average so we will see if others join the party. Collectively, the NASDAQ, NASDAQ 100, and Russell 2000 ended on bullish 'harami crosses'. The Dow enjoyed a low volume rally but still has plenty of work to do. The S&P ended the day with a inverse hammer on heavier volume. Reversal candlesticks only have siginificance when markets are oversold and markets are heavily oversold. The fly in the ointment remains the secondary indicators, the $BPCOMPQ and $NASI declined while the $NAA50 ended the day flat.

Breakout failures: CCBI featured on August 19th but lost out after months of sideways action. CPTH featured on December 30th. NCRX featured on December 2nd. TTN featured on Jan 24th cut its stop but finished strong.

Breakout targets met: none

Jan 24th: More of the same. The Iraq elections combined with 200-day moving average watching has few willing to tip their toes into the water. Technicals are now heavily oversold in all markets - it is not unusual for markets to stay oversold (or overbought) for a period of time, but a sharp reaction bounce looks ready to emerge. Tomorrow's open could be interesting, if the market is rising after the first half hour of trading tomorrow it would be a buy with stops at the lowest of low of Monday/Tuesday. I have provided gold members with three stocks trading at their 200-day moving averages - should the markets take off at this average then stocks trading at this level should benefit. Secondary market indicators [$BPCOMPQ, $NAA50 and $NASI] remain very weak (and weakening), so the bounce when it comes should be followed by a retest of the lows as a firm bottom is put in place.

Breakout failures: CSTR featured on June 3rd, Sep 22nd, and Nov 1st. The stock left behind at triple top at $27, falling to hit the Nov 1st stop. The suggested target price was $32.20. BIZ collapsed throguh support. FFIV featured on Jan 21st. hit the tight stop I had set for it just below support. INTD featured on Jan 3rd.

Breakout targets met: none

Jan 23rd: Market pulled no surprises on Friday - continuing the early year downtrend. Volume in the tech indices [NASDAQ and NASDAQ 100] eased but that was little consolation to any bulls last week. The Dow was less fortunate, completing the third of a "three black crow" sequence on heavier volume (= distribution). A similar situation developed in the S&P but without the distribution seen in the Dow - not that this makes things any better. The 200-day moving average ticks ever closer for these indices and I would be surprised to see buyers step in much before this important support (even for non-technical orientated investors). Are there positives out there? Slow stochastics in the NASDAQ and NASDAQ 100 have reached levels which marked the August bottom, we could be looking at a couple of days of sideways action as the market digests its losses. I have redrawn the downward channel of the semiconductor index, and if true then now is new support. The index is well positioned for a bounce which favors mild bullish action for the tech indices. Just as the Russell 2000 missed forming a bullish set of three white candlesticks, so has it somewhat prevented a situation found in the Dow with only modest losses on Friday. But it still has plenty of work to do to mark a bottom. The measured move to the 200-day moving average still looks favored here.

So it looks like we are back looking at gold, silver, and oil plays. Certainly there is value in beat down precious metal stocks like CDE, BGO, GSS (the first precious metal play to turn all technicals back into green), KGC, base silver, and SSRI. Keep an eye on the energy plays SWN, EGY, IVAN, penny stock BCON, the frontpage breakout play CNR illustrated below, and beat down HEC.

Other plays to watch next week include ARIA which left a bear trap following Friday's reversal of Thursday's losses. CRY which is pressuring triangle resistance. IMAX which continues to fly in the face of a weak market, small bullish pennant here. ISLE which is coiling nicely on low volume - note tight bollinger bands, this will move big soon. RATE has consolidated into a bullish flag - one of the few performers out of my breakout plays. GIGM ended Friday on a bullish hammer (one of my own stocks), as is ONEI which has also performed well in its retreat from its highs (in my ROTH). For the brave, ARBA sits at support of the 200-day moving average with earnings on Jan 31st. If you are looking for information in these stocks use the "Search site" feature in my menu bar.

Breakout failures: KFY featured on Dec 9th. LMRA featured on Oct 19th.

Breakout targets met: none

Jan 20th: Today's declines continued the earnings season maliase. Delta threw its weight behind the glum with its $2.2 billion Q4 chump change loss. Companies seem to be scrambling over themselves to post the worst results possible. Yesterday's comments still stand with respect to downward targets. Some of the Fall breakouts are starting to reach their stop prices as the Santa rally melts into history. Sidelines remain the safest place to be after Tuesday's false start.

Breakout failures: ROP featured on October 8th. SUNH featured on December 28th.

Breakout targets met: none

Jan 19th: Whatever good work the markets put in yesterday was whipped away today. Don't expect much joy tomorrow after Ebay's 'little' disappointment. The bullish harami's in the tech markets [NASDAQ and NASDAQ 100] were reversed, ending the day below support of their respective rising trendline channels. Adding insult to injury, volume came in higher - marking a day of distribution for each market. The NASDAQ 100 has managed a sequence of four such days without an inkling of an accumulation day. One need only look to the tumbling semiconductor index to see why. The Russell 2000 reversed half of what was almost a three white soldier pattern. The Dow which fluttered up yesterday, lightly fluttered down today and remained within its recent congestion. The S&P reversed most of yesterday's gains, the consolation was the lower volume. The light at the end of the tunnel came in the shape of the secondary indices. The $BPCOMPQ actually ticked up. The $NAA50 turned down off new resistance, but technicals (notably slow stochastics) rose. The $NASI remains in decline, having reacted little to last weeks sideways market action.

Should the markets follow on down tomorrow, then we will be looking at measured moves to complete the pullback. For the NASDAQ and NASDAQ 100 I would look to the 200-day moving averages, as closely approximate a measured move from January highs. For the Dow this will be 10,246 (support of the broadening wedge and the point of intersection with former resistance, now support, of last years declining channel). The Russell 2000 measured move also falls close to its 200-day moving average. The S&P has no obvious support level for the measured move (c1,152) - so look to the other indices for leads here. For now, stay on the sidelines (or play aggressive shorts - the Russell 2000 probably looking the weakest here).

Breakout failures: CIEN featured on Dec 23rd.

Breakout targets met: none

Jan 18th: The tech markets [NASDAQ and NASDAQ 100] closed higher following Friday's bullish haramis - the buy signal coming on the close above the bullish harami highs. The main concern was the lighter volume - it would be good to see some higher volume tomorrow. Secondary indices improved, the $NAA50 marked an intermediate buy signal - but the $NASI and $BPCOMPQ still have some work to do. Only the S&P managed to rack an accumulation day and should be good to test the tweezer top highs. The Russell 2000 is two thirds of the way to forming a bullish three white soldier pattern. The Dow closed near the highs of last week's consolidation but still could go either way.

Breakout failures: IMNR featured on Dec 23rd.

Breakout targets met: none

Jan 15th: The first week of earnings was surprisingly uneventful. In the NASDAQ, the bulls may have nicked it at the close with two accumulation days last week and a bullish inside day for Friday. Technicals are improving, most notable the bullish MACD histogram - although slow stochastics never remained oversold long enough to suggest a big rally will come from here. Short term traders may want to buy for a move to the mid-Bollinger band (i.e. 20-day moving average), and if volume increases, a move to the upper Bollinger band. The NASDAQ 100 did not benefit from the accumulation days, although it too finished on a bullish harami on Friday. However, no rally in the tech indices will last without the support of the semiconductor index. Unlike the NASDAQ and NASDAQ 100 the Sox has been oversold for a couple of weeks. A bullish divergence in the CCI, with rising slow stochastics and a move inside the lower Bollinger band do suggest a bounce is in play - which will reflect favorably on the tech averages. The secondary indices, $NAA50 and $BPCOMPQ both upticked on Friday, and are close to marking an intermediate term bottom. However, the $NASI remains in freefall although its CCI is mapping a bullish divergence from heavily oversold levels.

Large cap stocks, marked by the Dow, are still working at support. Slow stochastics still have some way to reach oversold levels and the MACD remains weak. I redrew the channel line in the S&P index. It managed one accumulation day last week and also finished Friday on a bullish inside day. However, the MACD is still in freefall and slow stochastics, like the Dow, are not yet oversold. On the flip side, the small caps look well placed for a bounce. The Russell 2000 built on last Wednesday's hammer, closing higher on Friday. The CCI crossed above the -100 line, marking an aggressive "buy" while slow stochastics are rising from oversold levels. The bounce should be good to reach the 50-/20-day moving average between 629-633.

Breakout failures: FRE featured on Dec 22nd. IBAS featured on August 30th sold off heavily on Friday after been up more than 30% last December. ITRI featured on Dec 20th hit is stop on Jan 13th for a modest loss.

Breakout targets met: CLHB featured on Dec 1st for a 34.8% gain, only the second successful breakout for December. The stock closed strong on Friday, surpassing its recommended price target.

Jan 12th: First off - thank you to Tom at Sixth World for the headline coverage (if you see this Tom can you email me: fallond@yahoo.com), much appreciated. Back to the markets - a much better day all round. It may not have been a big point gain day, but the failure of the bears to capitalize on yesterday's losses is a good omen for the bulls. The tech indices [NASDAQ and NASDAQ 100] ended at support, on bullish hammer/dojis helped in part by Intel. Tomorrow will be the day Apple leads the market - but expect Sun Microsystems to contribute to the pot. Watch the Sox - it is struggling at support of a downward channel, short term it is due a bounce and this bounce may develop into something bigger if it can push past resistance c425. The Dow regained the support it lost yesterday, while the S&P is trading at support of a redrawn channel line. Even the recently maligned Russell 2000 managed a bullish hammer.

Stocks on the list had a mixed day. Precious metal stocks suffered, even as the core metals, silver and gold gained. These pullbacks in the mining stocks look like buying opportunities, but there is no need to rush in - bullish divergences in the various MACD histograms should hold through the pullbacks. Stocks looking good value include; ARIA, small hammer at support, CETV has edged its way back on light trading to the highs of the big volume buying spike - watch for demand to pick up here. DDS looks ready to pop real soon, note the tightening Bollinger bands. HURC has traded some long lower shadow candlesticks into an area of support - on-balance-volume has held up well suggesting little selling, but the bearish distribution in the MACD trigger line is not to be ignored. SBAC is at a critical juncture - it has marked slow declines since December leaving it at major support of $8.45. This has been a great performer, but if buying (or holding) don't be afraid to let go if it drops below $8.15. GRA is showing a similar pullback pattern - buy break of resistance. Aggressive buyers may find interest in the bullish harami in LNUX - set stops on a low of $1.92. AAII is sitting at support of the 20- and 50-day moving average - buying demand has held up well, note the constriction in the Bollinger bands. CIEN received an upgrade, pushing it close to resistance on heavy volume - watch for moves over $3.00. ELGX has developed a nice flag - the next move could be very soon (it has an excellent weekly chart). GEG posted a big reversal on low volume, reversals of this magnitude are usually bearish - watch the pullback (if any!). SWN attempted a heavier volume rally as it shapes a bullish flag - buying support could pay dividends. JDSU ended the day on a bullish harami cross after some lacklustre trading in November and December - watch for upside to $3.25. SIRI is another stock that looks like it is forming a bearish head fake - it held $6 support for a third day, an interesting buy if you can get shares in the morning (keep stops tight though). SUNW's earnings will keep this on many watch list. It currently trades on major support of $4.45. HTM completed a lengthy decline with a bullish doji at the lower Bollinger Band on heavier volume. It also sits at support of the rising channel line. Penny grabbers may want to take a look at GZFX - after months of quiet this one has awoken again. Day traders could look to the two-day-reversal in TASR, there is a tasty gap to $20 to close.

Breakout failures: GERN featured on Jan 7th clipped its stop intraday, but closed strong and continues to look bullish - but for the record it is a "loss". Yesterday's VIVO was another loser - the thin liquidity reversing the prior breakout.

Breakout targets met: none

Jan 11th: Did the sun poke its head out of the clouds? In the tech indices [NASDAQ and NASDAQ 100] the markets closed on support on heavier volume - often a sign of accumulation eventhough technically its rated as "distribution". Unfortunately, the Sox didn't join the party and crashed through support as earnings got off to a poor start from AMD, but did receive a boost from INTC in after hours trading. This should bring a stronger open - the question will be whether the markets can build on it. The remaining indices had a poor day. The Dow fell through support of November highs and now looks set to test November lows. The Russell 2000 reversed a bullish hammer, closing below support and is back making inroads into my "pink box" of support marked on my chart. The S&P is hanging on, although the heavier volume added a fifth distribution day since mid-December.

Breakout failures: CNTY featured on Nov 3rd and Dec 8th. FNSR featured on Dec 13th. KANA featured on Dec 8th.

Breakout targets met: none

Jan 10th: Limp action in the markets kept the any meaningful bounce under wraps. Given the expectation for a significant bullish day, today's action will have come as a big disappointment - leaving traders looking down instead of up. Tomorrow is another day, but the forecast is overcast.

Breakout failures: EGHT featured on Dec 7th. COVD featured on Dec 17th.

Breakout targets met: none

Jan 9th: Between the Sox bounce off support, and the tech indices [NASDAQ and NASDAQ 100] lying very close to the rising channel support line, markets are well placed for a bounce. Ideally, a gap down to start the day (opening the tech markets at support) followed by buying for the rest of the day would be an ideal long entry. Technically, we still have some distance to run down to reach oversold levels, so I would view any bounce here as temporary unless new highs are put in place (ie. sell a test of resistance, buy (buyback) a break of resistance). The only index to remain bearish is the Russell 2000, which reversed Thursday's bullish harami cross with Friday's bearish engulfing pattern and break of support. The S&P is holding its 50-day moving average (and lower BB band) but doesn't looks as attractive buy as the tech indices, while the Dow sits at former resistance from November, but still has some 100 points to run to reach it's lower BB band/50-day moving average. Secondary indicators, $NAA50, $NASI, and $BPCOMPQ indicators remain weak - so don't expect too much from a tech bounce when it comes (Monday/Tuesday).

Breakout failures: ASIA featured on Nov 23rd. EFX featured on Jan 4th. IONA featured on Nov 18th. MANU featured on Dec 1st. REDF featured on Nov 17th.

Breakout targets met: none

Jan 6th: The fourth day of the correction in the markets has claimed many breakout victims. Over the last 2 days another 10 breakouts failed, raising the tally of December failures to 24 with only 1 success for the month. In this sort of market environment it is best to stay in cash, or look to oversold plays to minimize risk - breakouts simply aren't holding. How close are we to are short term bottom? Slow stochastics still look to have another two days of selling in them (although the traditional 14 day slow stochastic is oversold). The 50-day moving average of the tech indices [NASDAQ and NASDAQ 100] failed to hold as support, leaving rising channel support as the next price test. The hardest hit by the selling, the Russell 2000 has put a clear (strongly) bullish harami cross. Traders could look for a short term buy switching to an aggressive short on a test of the 20-day moving average in this index. The last two days of narrow trading in the tech markets can be used to time a long entry is on a break of today's highs - but this doesn't protect against a gap open. Given the recent heavy volume selling I would be surprised to see a gap open build into afternoon gains as nearly all of December's trading lurks as overhead supply (with the exception of the Dow we are now trading at levels last seen in mid-November, that's alot of people holding losing stock in the space of 4 days). The Sox is deeply oversold in the short term, the CCI had dropped well below -200 with the index sitting on a new downward channel support line - when this bounces it will take the tech indices with it. As for the longer term, the secondary indicators, $NAA50, $NASI, and $BPCOMPQ indicators all look to pointing to a more extended decline. Should such a decline fail, ie. we see new 52-week highs on the next bounce, then the markets will be nicely positioned for a sizeable rally.

Individual stocks show some interesting trends. I still like the gold, and silver (especially) plays. Silver prices have started to map bullish divergences in the MACD histogram and CCI. Gold hasn't done this yet, but a test of the 200-day moving average in this metal would be an interesting long term buy. Of my featured plays SSRI looks the best value here. Of former breakout plays, ASVI sits right on support which has treated it well in the past - although the technical picture is not as strong with slow stochastics now below the bullish 50 line. BEAV has switched from a potential breakout play to a potential short play. The failed test of new resistance suggests the bears are increasing their grip. ENWV has posted a series of candlesticks with long upper shadows - usually a sign of distribution. A break of $16.32 will begin a new downtrend. WG is at an interesting juncture, marked by the convergence of wedge support and resistance and the 20-day moving average. Today's doji marks an excellent swing trade for a move to the Bollinger bands extremes. Another swing trade play is SIRI - today's doji at a pennant apex with a tightening of the BB bands will bring a sizable move. CIEN sits at the convergence of the 20- and 200-day moving average. Given its rapid rise and reversal from outside the upper BB band down to the 20-day moving average I would look for a follow through move down to the lower BB band. SWN sits at meeting of two trendlines. The lower high, lower low sequence ends the prior uptrend. Watch a move to the upper channel line ($50) which also marks a (probable) crossover of the 20- and 50- day moving average and the start of a new downtrend (and shorting opportunity). JDSU closed at new 6-month lows but has remained relatively trendless, will this change? LU completed the third candlestick of a bearish "three black crows" sequence - normally bearish. What I think is an excellent long term play, ERES, now sits at major support of $13.65. One of the better steel plays, OS, ended today on a bullish hammer on higher volume - can this kick a continuation of the rally? OVTI is struggling to regain its prior uptrend, two dojis together below resistance on weakening technicals favors a retracemet into the void, potentially down to $11.00. TASR has mapped an interesting reversal, an upside pennant break which reversed and now sits at support on weakening technicals.

For the purposes of disclosure. I hold Jan 06 puts for a third party in LU, CIEN, SIRI, and SWN, and Jan 06 calls in ERES and PAAS. Having said that, I am getting a little nervous on the SIRI puts.

Breakout failures (for today and yesterday): TLAB featured on Jan 4th for a 6.43% loss. ARDM featured on Dec 13th for a 13% loss. CVNS featured on Dec 30th for a 11.6% loss. DHB featured on Nov 16th for a 13.9% loss. DRIV featured on Oct 22nd and Nov 15th for a 2.3% and 10.4% loss respectively. FLR featured on Dec 9th for a 5.8% loss. IMMR featured on Dec 28th for a 12% loss. IWOV featured on Dec 7th for a 10.5% loss. JUPM featured on Dec 29th for a 10.6% loss. ONNN featured on Dec 6th for a 9.6% loss.

Breakout targets met (for today and yesterday):

Jan 5th: The third day of selling has pushed markets to short term oversold levels. Tomorrow or Friday should be watched for bullish candlesticks - namely hammers (most likely), dojis, or bullish engulfing patterns. This should provide decent short term buys for a rally of 2-5 days duration. The question will then become at what point these small rallies will stall. A push to close at new highs will end all talk of bearish action. Should the next rally start flashing candlesticks with long upper shadows (ie the intraday range compared to the open/close range places the open and close near the lows of the day) at, or before 52-week highs, then we will have a reasonable shorting opportunity for a prolonged correction. The secondary indicators, $NAA50, but the $NASI, including the $BPCOMPQ are all pointing to a more substantial correction than a simple 3-4 day drop. The indices to avoid (and their associated stocks) are small caps (Russell 2000) and the semi's (Sox). The former has put in the third of a "three black crow" combination - a very bearish sequence which is usually shorted on a move to the highs of the second of the three candlesticks. The Sox has some potential for the bulls if the new declining channel plays to form - buy for a move to resistance.

Breakout failures: [technical difficulties prevent a review here]

Breakout targets met: [technical difficulties prevent a review here]

Jan 4th: Update to follow

Breakout failures: KEYW featured on Dec 29th. FNIX featured on Dec 30th. EWH featured Dec 21st. KNOL featured on Jan 3rd. ORCL featured on Dec 14th. LNUX featured on Dec 8th. UBET featured on Dec 28th.

Breakout targets met: none

Jan 3rd: After two weeks of lack lustre trading the markets greeted the New Year with a healthy dose of profit taking. Small caps were the key losers on the day. The Russell 2000 ended the day below the 20-day moving average (640) and should go on to test the lower BB band (626). The flight to quality is typical in the end-phases of rallies as money switches from small to large caps. The tech indices [NASDAQ and NASDAQ 100] were next to suffer, led by a Philly Sox index that has struggled below former support of the rising channel. The Dow suffered in its own way, the confirmed break of the bearish wedge should see a move to 10,390, but today's selling had not the furore of the tech indices. In the short term, moves to the lower BB bands on each of the indices look the best bet and watch how support plays out. A similar sell off on Dec 7th did not lead to a market correction. However, as I have noted before, bearish divergences in the MACD and CCI of secondary indicators, $NAA50, but the $NASI do suggest an intermediate top is in, so taking money off the table would be prudent. For the bulls, the $BPCOMPQ is holding on, with no bearish divergence in the MACD and a negated bearish divergence in the CCI. Also note the how goes January, so goes the rest-of-the year - were are not off to good start in this regard.

Breakout failures: none

Breakout targets met: none

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