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Let the Games Begin!

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It's hard to put a positive spin on weapons of mass destruction!

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It's an active morning in Minyanville as the critters "chalk up" and prepare to compete and, after getting a full night's sleep, they're rarin' to go. With the last few sessions much ado about nuttin', honey, they understand the importance of this week's catalysts as they relate to the collective psychology. It's put up or shut up time for the tape and the fence sitters among us will likely choose a side before it's all said and done.

Keep an eye on the greenback this morning as it's come under early pressure. The chatter I've picked up is speculation that Monsieur Snow will abandon the strong dollar policy but, thus far, it's unconfirmed. Meanwhile, and perhaps more importantly, retail sales came in lighter than expected. After last Friday's fade trade, traders seem reticent to press the downside. When bears are scared to short the tape, what does that tell ya?

Across the pond, the BBC reports that U.N inspectors have found "materials related to weapons" (shocker there!) and while it may be too early to extrapolate the repercussions, this could plant seeds of uncertainty. Wall Street had seemingly discounted the war prospects of late and this development may give the bulls pause (particularly after the recent rally).

Tells today include the financials in general and the brokers in particular. I continue to feel that this group is the single most important sector in the market and will tell the tale of the tape. As it stands BKX 800 remains the ceiling but you've got to wonder how many more assaults it can repel before caving in. The telecoms are also in the news as ALA painted the tape positively. This complex is severely underowned by the fund community and while the longer term charts seem oversold, the short-term stuff is extended.

I've got to jump into my morning meeting so lemme sign off and juggle my hats. I've got some Minyanville news to share with you but I'll circle back to it later. In the meantime, if you're a new citizen, I encourage you to check out the shops on Main Street. There are some jazzy duds and artsy prints there and, if you haven't seen them, you should get involved!

See you after the opening.

No positions in stocks mentioned.

Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at todd@minyanville.com.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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