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July 23, 2013  Tue 2:14 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Earnings remain the dominant theme on the calendar, with few key economic reports scheduled for today.

Chemicals giant DuPont, copper miner Freeport-McMoRan, defense contractor Lockheed-Martin, insurer Travelers, railroad Norfolk Southern, shipping giant United Parcel Service, and cigarette maker Altria all issue numbers before the opening bell. Telecom giant AT&T, credit-card lender Discover Financial, and chip makers Altera and Broadcom report in the evening.

The first economic release is the relatively unimportant FHFA house price index at 9 a.m. ET. The Richmond Federal Reserve follows one hour later with its regional activity index.

The economic agenda is even quieter tomorrow, with no releases planned. Company reports will remain active, with Caterpillar and Ford the most prominent among them.
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Timing the Trade

Both break outs and a break downs need to have a couple things happen before it is considered a confirmed break out or break down by technical definition!  The only problem is that in today's market where things move much more quicker than they did just a few years ago, two days could wind up being the majority of the expected movement, if not the whole movement.

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