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Thought Process

By

Snapper--get out of your shell and help me out here!

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Another session springs to life and the Minx is on the prowl. Slaino just walked into my office and asked me what I thought. I told him that a rally to resistance (S&P 870) wouldn't shock me--but it's likely a good fade (read: sale). I also told him that I'm not sure I wanted to game that schnitzel higher...I may patiently wait and "put 'em out" if they get there.

Extending that thought, a hard sell-off from there (or here) will likely set the stage for that stiff rally I referred to this morning. You can wipe your nose with the above thought as nobody can outthink the Minx---but this is a forum for discussion and, as the thesis begins to crystallize in my keppe, I wanted to put it out there.

The early morning action is being dominated by selling but a few themes are beginning to emerge. The Semicaps act dry (remember, NVLS and AMAT were upgraded) and that complex should be a focus. The SOX is danglin', baby, and if it doesn't find some traction soon, there's gonna be a dandruff snowstorm. Also, check out the XOI (oil), they gave a stochastic buy signal and the group is a meadow of green. Finally, keep half an eye on Citigroup--a tick at 34 will confirm a triple bottom break (that coincides with the BKX 725 break).

An early check of the morning breadth reeks of halitosis as the losers are trumping winners 3:1 in the Nazz and S&P--but it's super early. I would expect a fade (higher) attempt shortly but, unless the internals begin to shape up, Snapper's gonna have a tough go of it.

Gotta hop.

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