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Pink Eye

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A soul in tension that's learning to fly
Condition grounded but determined to try
Can't keep my eyes from the circling skies
Tongue-tied and twisted just an earth-bound misfit
I


(Pink Floyd)

Ok, I have two questions. First, where did my assistant J.J get his Jason Priestly wannabe parachute pants? Second, does Hoofy need to make the bears sweat before a more serious melt can take place? Certainly, we saw some futures buying out of the gate as traders are conditioned to buy the first dip-but is that ultimately a negative sign? And will J.J develop a fashion sense through pure osmosis? Things that make you go hmm...

The S&P migrated to our 870 level and held the first time, but our trusty internals are urging caution. As of this post, losers are outpacing winners better than 2:1 on both the big board in four letter land. Our early tells are not that bad, as BankAmerica is buoying the banks and the cyclicals are only down a percent. My sense is that if the tape lifts early, that wouldn't bode well for the afternoon. Just my humble take.

Over in tech town, Intel continues to weigh on the SOX (semis) and that should remain on your radar. The Nazz will be hard pressed to rally without participation of this group and I'm seeing early, natural sellers. The key word in that statement, by the way, is early. We've barely been open for 45 minutes...we have a long ways to go.

Running into a strategy meeting, so gotta hop. Hope this finds you well.
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