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  • Gold and silver are both getting hammered out of the gate. Everyone and their sister is "waiting to buy" these which means one of two things: the correction will be deeper than most believe or shallower than Hal.

  • It's worth noting that despite the massive amounts of shekels, JP Morgan only paid 2.5 times book value for Bank One (ONE:NYSE). That's a downtick (on a premium basis) and may quell some of the periphery plays.

  • While the jury is out on the success of this merger, it's hard not to feel good for Jamie Dimon. He got publicly jilted and, after five years of hard work, is back on top. Nice.

  • The semis act much better than expected. SOX 535 remains acne support.

  • Europe is fringed green.

  • Sector rotation snapshot: energy, cyclicals and financials are jazzy. Retail, airlines and pharma are spazzy. (It's still uber-early.)

  • Not shockingly, breadth in the old school (3:2) is trumping its four-letter cousins (flat).

  • Goldman Sachs (GS:NYSE) has, after repeated attempts, finally broken through par (100).

  • NDX 1540 is to tech what S&P 1130 is to the big board.
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