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Rhapsody in Red

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Is this the real life?
Is this a fantasy?
Caught in a landslide
No escape from reality


Well, its gut check time for the bulls as the news flow since last night is undeniably bearish-particularly on the heels of this latest rally. I'm sure there will be a point today when the bears are schvitzing too. Remember, there is a camp that wants a pullback so they can add exposure. Will this be a classic case of "be careful what you wish for?" Stayed tuned...

The earnings reports from industrial land (since we last spoke) were, for the most part, downbeat. Still, we'll likely see an attempted fade (read: buy) off the opening levels--but we likely won't see the true tenor of the tape until after the noise settles down. Watch the banks (BKX), the semis (SOX), CYC (cyclical index) and, of course, the ever-important internals as we find our way today.

Support zones in the S&P come into play at 870, 850 and 810 (all past resistance) while NASDAQ support comes into play at NDX 900 and 850. Gotta hop for the opening bell. Take deep breaths before making capital intensive decisions, my friends, and don't press. Patience typically brings price.

See you after the opening.
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