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Snake Pit

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I resemble that remark!

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And it's not like I'm leaving you lonely
'Cause I wouldn't know where to begin
But I know that you'll think of me only
When the snakes come marching in


(Grateful Dead)

Another day is underway as the critters frolic in the fray. The early screens are full of green but there may be bears that lurk unseen. The mad dash higher was a function of a giddy analyst community and a plethora of futures buyers. The first half hour (or so) is always noisy--this we know. Now, it gets a tad more interesting.

I've been eyeing the breadth (during the pauses) and it's still pretty suave. Between that, the sassy semis and firm financials, Hoofy may throw another log on the fire. We spoke of potentially "relaxed" risk parameters heading into the new year. That may mean that traders are willing to "go for it" a bit...but it may also mean that the complacency shadow lurks larger.

Potential flies today include the homies, biotech, retail, the greenback (yawn) and further gold jig. I would also assign some buzz to the "intangibles" that have emerged anew. Elmer taking a victory lap? Brazen bulls beating their chest? A universally accepted economic boom cycle? That's a recipe for disappointment (and humility) so while you may think we're ripe, I wouldn't believe the hype.

S&P 1118ish (Friday's high) remains the nearest term resistance as we wade our way through another day. Also note the gaps anew (from today's higher opening) and if (big if) we start to slip, they'll likely fill in a hurry. Just a few levels to note as we find our way. Tread carefully--it feels kinda funny. Kinda like that rope in gym class.

Has anybody seen Fokker? Last report, he was seen stalking South Beach in a red Speedo. Bad visual, I know, but we gotta take the shot while we can. As always, I hope this finds you with some jingle in your jeans.

I'll be back.
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