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A Kiss to Remember

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I better save my energy!

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I pull you close
But when we kiss I can feel a doubt
I remember back when we started
My kisses used to turn you inside out


(Bruce Springsteen)


The morning fray is underway as the strobe probes around the globe. We knew Doc was gonna tighten his fist coming outa the gate (after yesterday's fugly close), now it's time to put a reason to the rhyme. It's an exciting day in the city of critters and it's only increased with the skitters and jitters. Let's take a quick walk 'round the 'Ville.

The first thing that jumps out is the S's over N's (S&P outperformance of NDX). The breadth is nastola in both, mind you, but the Veritas splat (VRTS:NASD), internet chat (I'm down!) and telecom brats are pressuring the four-letter freaks. Across town, the financials are actually hangin' with Mr. Cooper and that's gotta be watched regardless of what you're trading. They're the carrot that leads our Minxy horse and a horse is a horse (of course, of course).

A step back reveals Europe slightly lower (than it was), heavy metals (but gold stocks hang), strength in the consumers, some biotech traction and a dollar that's groovin' with Stella. The initial back and forth was to be expected (a LOT of folks are watching on this one) and you may wanna loosen your grip on the handlebars. There's some good (banks/brokers), some bad (breadth), some ugly (Veritas Software) and some unemotional levels (that should be carefully monitored).

Gut feel? My humble opinion is lower (not advice)--but if the financials get jiggy, it'll likely spur the herd (and I'm not gonna get in the way). Regardless of whether that happens or not, keep in mind that the sentiment dynamic is an over-inflated balloon. If memory serves (from my childhood), balloons like that tend to pop rather than slowly deflate. That doesn't mean it started yesterday but, either way, it's stretched pretty thin.

As always, I hope this finds you well.

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