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Fletch and Sketch


Arnold Babar, John Cocktosten, Don Corleone, Jane Doe, Gordon Liddy, Ted Nugent, Mr. Poone, Dr. Rosenrosen, Egor Stravinski and Harry S. Truman all just filed into our office for a steak sandwich (and a steak sandwich) and to get a midday read on the action. Howdy fellas, and thanks for stopping by. I know you all must be schvitzing about the morning rally but please remember that we're still tickling up against triple resistance. We're testing it...but until we break above these seminal levels, resistance is resistance.

Meanwhile, the Underhills point our attention to the bond market and its insane volatility today. Bonds have never been my bag, baby, but I am watching their movement as it will affect my equity trades. As a matter of fact, they just popped a bit and the Spoos came off (read: S&P futures came for sale) in tandem. I haven't sniffed anything out yet, but I've got my nose to the ground. The only thing I've found thus far is a jackknifed manure spreader on the Santa Ana. You should see my shoes!

From a pure trading standpoint, I suppose you needed to see some panic on the buyside (off the lows) IF (big if) there was going to be a pullback today. It still early and we have a lot of trading left to do today-but from Boo's point of view, thus far it's scripted. I'll tell you one thing...if the street is half as tired as I am right now, they're likely doing less.

What kind of name is Poon, anyway?
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