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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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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 todd@minyanville.com.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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