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Global Warming


Elmer hits the tape at 11:00 am!


When you believe in things
That you don't understand,
Then you suffer,
Superstition ain't the way

(Stevie Wonder)

The morning fray is underway as the critters juggle, toss and play. The aforementioned QQQ buyer accumulated over three and a half beans (read: millions) and couldn't budge the trudge. Once he finished, the vultures were only too happy to plug the thug and we're now seeing multiple sevens for sale. Man, this is one vicious business!

The early standout is the saucy semis as they've quickly gotten dinged for a deuce (2%). The SOX broke out recently at 535ish and that level (past resistance) will act as initial support. Software is soft where? Pretty much everywhere on the heels of SAP (SAP:NYSE) and while these two sectors are slippy, the tech troubles are thus far isolated. Keep an eye on telecom and the networkers as they're attempting to play big brother to their bothered brethren.

Over in the old school, energy issues are catching a bid as rude crude tickles $35/barrel. This development warrants attention as I'm not sure too many analysts have factored this into their models. Chalk it up as yet another troubling macro data point to add to the dollar squalor and bold gold. I know it's been shrugged off like a would be tackler but that doesn't mean you can ignore it completely.

On a separate note, I opined yesterday that a crisis in confidence might be the spark in the dark and while it's not gamable, per se, I'm watching this with active interest. I'm as red blooded an American as you can get but something doesn't seem right at 1600 Pennsylvania Avenue. While this is not a political column, developments in that arena have profound implications for every asset class. Remember, Minyans, perception is reality.

I'll be back.
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