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Seeing Things!

By

Moo La La!

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Paranoia strikes deep in the heartland
But I think it's all overdone
Exaggerating this exaggerating that
They don't have no fun


(Paul Simon)

Paranoid? Me? Why are you calling me paranoid? I'm half joking (and so am I) but I'll tell ya--staring at these flickering ticks all day makes you see things! I mean, I was on vacation and looked at a beautiful mountain range...and saw a head and shoulders! I looked at the pacific ocean...and saw a sea change! I was watching football...and I saw trendline resistance (or, in the case of the Jint's, deteriorating internals!). This in N-V-T-S nuts!

As we discussed in this morning's opening piece, Luke, today's an important day. We've already walked through the technical landscape so I'm not gonna be redundant (hate that!). You know what groups to watch, you know which levels matter and you understand the geopolitical backdrop. I mean, phew!....we can rest easy...we've got France in our corner! At least we'll eat well! (I'm kidding, Frenchie...please don't send that email!)

The research train stopped by Minyanville to let us know that Pru upgraded ALTR and XLNX, Merrill downgraded Hitachi and initiated Dell with a neutral, CS First Boston downgraded the furniture group (Fokker!), Deutche Bank cut numbers on the drillers and Lehman upgraded the European telcos. Meanwhile, the conference parade continues with ORCL, VRTS, CSCO (12:30), SUNW, AMZN and ERTS (et al) speaking at Morgan, CCU, YHOO, SSP KRI and VOD speaking at Solly. Lest we forget, Dubya takes center stage at 1:15 with his stimulus package and, as of now, there's no word on whether Monica will be attending.

Jamming and juggling at this early hour so lemme hop to focus on the opening. What do I think today? Well, I want to see how the internals act...but best early guess would be a "turnaround Tuesday scenario." They'll try and get 'em up in the morning (me thinks) but I wouldn't be shocked to see them close lower on the day. Of course, that's just one trader's (humble) opinion.

See you after the opening, cookie...play like a Raider today!

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