"Pork Bellies. I knew it!"
--Louis Winthorpe III, Trading Places
The morning flurry begins in a hurry as everyone (and their sister) keys off the piggy banks. Between the Bear Stearns downgrade of Bank of America (BAC:NYSE) and the "iffy" composition of the Citigroup (C:NYSE) earnings, the BKX opened 5 handles lower. After a quick snap of the porcelain trap, the averages edged back to the black but, as we know, this group will continue to lead the stampede (both ways).
The early action continues to digest the post-expiration hangover as traders "square" their tertiary exposure. I've also heard some early rumblings of asset alligators (out of stocks) but I can't confirm those claw prints. The breadth and our leadership sectors are mixed (to slightly lower) and I'm watching Friday's low in the S&P (1036) as initial support.
Also, so you know, Daisy is actively working to default the spooky music to "off." The critters snuck into the office and set up the holiday decor with the best of intentions but, as I told them, it's a little annoying while we're trying to trade. It will be fixed shortly. Thanks cowgirl!
I'll be back.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at firstname.lastname@example.org.
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