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Sniffage

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Out of the gate, the action in the semiconductors jumped off my screen and bit me. Watch this group as a primary tech tell today, as the proxy in four letter land. The SOX (PHLX Semiconductor index) downtrend line comes into play around 270, so put that level on your radar. Meanwhile, and consistent with our October thesis, the CMA (Comerica) blow is spooking the banking sector and that complex is always important for the market. Finally, keep an eye on pharma (drugs and biotechs) as they have a firm early bid.

Over in my options swamp, our resident Water Boy, Bucky, says that alligators are ornery 'cause they got all them teeth and no toothbrush...but he's yet to pick up any signs of allocation. He's on all fours as we speak, keeping his ear to the ground, and promises to flash us if he hears any rumblings.

Gotta Hop...we be jammin'.

R.P

No positions in stocks mentioned


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