• Pork bellies, I knew it!
  
  
• As discussed this morning, I layered into another spate of S&P puts into the opening strength.  I've got that defined risk thang going (S&P 1455/BKX 111.50) and loose grips on the handlebars (makes for a smoother journey).
  
  
• Y'all see BKX 111.50, right?  As go the piggies, so goes the poke.

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• The stand-out action thus far?  Shocker Fokker, it's the financials (banks and brokers both down 1%) and the homies (HGX -1.5%).  Energy is also listening to a bit of chin music but the former storms are the top-tier tells.
  
  
• The winners and grinners?  Beta, in the form of RIMM, AAPL, UA, GOOG, AMZN, EBAY and BIDU.  Some are green, others are pretty in pink but all trade dry—or perky, as grandma would say.
  
  
• It was a beautiful day.  The sun beat down.  Petty is coming, and I am smiling.
  
  
• Remember, the post-expiration hangover will cloud the action on the front nine today, particularly after the FOMC's "thank you sir may I have another" bear paddle.
  
  
• While off a finski (5%), I would note that t he VXO remains well above the levels where alotta "income funds" initiated their buy-write strategies (long stock, short call).  And I'll remind you that the risk profile of a buy-write is exactly the same as a naked short put.
  
  
• When does the pants line come out?
  
  
• I don't know about you, Minyans, but I read every word Mr. Practical writes.  He's one of the sharpest tools in the shed.
  
  
• And, as long as we're giving snaps where snaps are due, I'll again offer that Pepe Depew's "5 Things" is the very best read on the Street.
  
  
• My two favorite football teams are the Oakland Raiders and anyone who plays the Denver Broncos.
  
  
• FT reports Deutsche Bank (DB) has borrowed from the Fed’s 5.75% discount window. DB refused to comment how much it has borrowed, but sources say it was taken to show support for the Fed’s move to combat the credit squeeze. Traditionally the discount window has been seen as a source of emergency funds. For more on what the cutting of the discount rate means, Read Pepe's Five Things You Need To Know: Special "Whew!" Edition from Friday. MV News, 12:26 PM on the Buzz
  
  
• Deutsche Bank (DB) can't be the shoe.  Can it?  I mean, I'm admittedly not the resident expert on these machinations but why would they tap the discount window.  To show support for the Fed?  Really?  The smarter folks I speak with say that banks would only tap this window as a last resort.
  
  
• Hey, it's prolly nothing but it would certainly explain a lot, including the coordinated global capital infusion a few weeks ago, the FOMC shocker on Friday and the continued diligence by global central banks. 
  
  
• We've recently discussed the tone and tenor of Cisco CEO John Chambers after he called the global economy "the strongest he's ever seen" on his earnings call (near the recent highs) and then hedged himself last week by saying "recent economic turmoil was likely to subside in three to six months" and "Cisco is not immune to economic change."
  
  

• Fair nuff, Chambo, but I'll remind you (and Minyans) that news is always best at the top and worst at the bottom.  And I know you know this as I remember sitting on the Cisco conference calls in 2000 (things were great) and early 2003 (the economy was "show me" at best).
  
  
• Keepin' y'all up, Mr. Chambers is on the tape reiterating that this is the "strongest global economy he's seen in his lifetime" and  he "hopes" the financial derivative crisis doesn't spill over.  He is also offering that "productivity and innovation have slowed."  So, yeah... like he said!
  
  
• My chips are currently stacked with Boo.  Setting stops removes emotions and as we know, emotion is the enemy when trading.
  
  
• Ben Bernanke and the silver bullet band?  Global intervention, rate cuts, jaw-bones... I wonder how many bullets the Fed has in their gun?  And, when they're down to the last shot, will they pull a Warden Norton from Shawshank?
  
  
• I would love to have Ben Bernanke as my personal trainer.  Can't you just see it?  "Go ahead Toddo, eat as much pizza and chocolate as you want.  Treat yourself to that Snicker's ice cream bar.  Put extra "butter flavored" topping on that popcorn.  And don't even worry about working out—I've gotcha covered!"
  
  
• Relax and remember, we've got the Monday's.  Trade accordingly and keep your energy positive.  Winning begins within.

R.P.