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Honesty is the Best Policy


I can always find someone to say they sympathize
If I wear my heart out on my sleeve
But I don't want some pretty face to tell my pretty lies
All I want is someone to believe

(Billy Joel)

Minxy, minxy, minxy. She lulls ya into a false sense of complacency and then (blink) she's in a mood. What the heck!?! If I wanted moods like this, I'd get married! Seriously though, it was a bit too quiet out there-it's still too quiet out there-and we just kind of rolled over. Granted, its contra hour, but the tape just felt a bit exhausted. Wouldn't you be?

Outside of the Iraqi chatter and the specialty finance melt, I haven't heard much to explain this action. To Hoofy's credit, the internals are still hanging in there, although it's worth noting that they were weak for the better part of yesterday. The semicaps (semiconductor capital equipment stocks) are also a focus as they were the squeeziest names yesterday and I want to see what type of underlying demand they have during this selloff. Finally, the biotechs continue to be a decent leading indicator in four-letter land and they've been heavy all day.

I threw some technical support levels out there yesterday and to save you the time, I'll repeat them. S&P 855, NDX 900, Dow Jones 8100, SOX 238, BTK 330, DRG 293, BKX 730 and XBD 388. My longer term stochastics are still offering firm sell signals but the "intraday" stuff is pretty oversold. I'm staying the course with Boo, but I just wanted to pass it along. Don't forget, there's a ton of information between tonight's close and tomorrow's opening so factor that into your risk profile if you're an active trader.

Good luck into the close.
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