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Opening Steps

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On the first part of the journey
I was looking at all the life
There were plants and birds and stocks and things
There was sand and hills and rings


(America)

Stocks open and our wild week on Wall Street is underway. Out of the gate, we find some early traction (off the lower opening) as traders are conditioned to buy after the recent liftage. I have always believed that the first half hour of trading is "noisy" and, therefore, I sense that the "truer" tenor of the tape will now emerge. It's very early, but the morning breadth warrants some caution as does the slippage in the semis. Meanwhile, the pharma complex (drugs and biotechs) jumped out with a 2% lift from the word go and the banks are attempting to make a stand.

I just opined to my partners that a trade down to S&P 810 would make our journey more difficult as it would alleviate the near term overbought condition...which alleviated the medium term oversold condition! As I've said, rather than trying to digest everything at once---particularly with the avalanche of news due out---I've chosen to view the big picture as a series of little pictures. Continue to monitor our trading tells (CSCO, BKX, semis, breadth, retailers) and stay disciplined....we have a long week ahead.

Good luck.
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