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Don't be Petty

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All the vampires, walking through the valley
Move west down Ventura Boulevard
All the bad boys are standing in the shadow
And all the good girls are home with broken hearts


(Tom Petty)

The first thing that jumps out of the action is N's over S's (NDX outperformance of SPX) although it remains ultra-early. The semis are exhibiting early traction but the banks are a bit heavy out of the gate. I get the sneaky suspicion that we're gonna have a tug-o-war between these two sectors today but as you might have surmised, I want to trade 'em from the short side for the time being.

The Household International deal was priced at 21.40, so watch that level as a psychological line in the sand. Also toss the auto sector on your screen as the S&P cut Ford Motor's debt rating. On the tech front, keep an eye on storage sector (on the back of Emulex's earnings/upgrade) as this is another very "crowded" complex. Morning breadth is fairly even in the Nazz but 3:2 negative on the big board. Flows are light but I have seen a bit of selling from the macro hedgies, and I'm monitoring the bond market action closely.

The Wolverine confidence number came and went and is a relative nonevent as we settle in for our final session of the week. Deep breaths as we find our way today, my friends...there are a lotta time left in the session. Gotta hop for housing starts.

Be back.
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