8:20pm (EST)

1.  Market Summary

2.  Green Mountain Coffee Roasters (GMCR) is Percolating

3.  Does American Tower (AMT) Have the Power?    

4.  Earnings  

5.  Weekly Wrap Portfolio Update  

6.  Week Ahead

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1. Market Summary

We have often said that the bears have a way of striking hard and fast and on Friday they did.  The bulls tried several times to break through resistance last week and the charts have done us well since October 2010 but one thing they can’t predict is geopolitical turmoil.  However, as the bulls failed at resistance you could almost feel there was going to be a pullback and it came fast and furious and we warned about this on Thursday and in last week’s Weekly Wrap.

The futures were pointing towards a slightly higher open on Friday and although the Egypt news was well-known before the open, the bulls were ignoring it.  The problem was that the bears weren’t and they came out shortly after the bell.  The selling pressure was intense and spread across most sectors but we were prepared for this event and we took some profits.  However, we didn’t panic and we left a few options open because we felt the first wave of support would hold and it did.

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