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Blinded by the Tape

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Madman drummers bummers and Indians in the Summer with a teenage diplomat

In the dumps with the mumps as the adolescent jumps his way into his hat

With a boulder on my shoulder feelin' kinda older I tripped the merry-go-round

With this very unpleasing sneezing and wheezing the calliope crashed to the ground

(Bruce Springsteen)

Tick tocking towards the opening bell and the angst level on the street seems to be approaching DEFCON 2. The chatter this morning is beginning to focus on the report cards being sent to the retail investor from the various fund families. There is a big difference between 'thinking' you're getting hurt in the market and 'seeing' it as a fact. The retail reaction will bear watching in the weeks ahead as those dreaded statements are opened.

At the risk of redundant redundancy, I'll be keying off the Semi's and Banks again as my chief tell duopoly. As discussed last week, BKX (PHLX bank index) 622 is the next discernable support, followed by the July intraday low of 603. In SOX-land (semiconductors), we're at a fresh yearly low and the next level comes into play at the psychologically important 200 level. Finally, for the S&P, please keep 775 on your radar (July low) as the support du jour.

Jammin' and juggling here on an early Monday morning, so lemme go focus on the opening. As you know, my first responsibility will always be to our investors and my partners, so please bear with me with regard to the frequency of the posts. Also, as our disclaimer says, the disclosure at the bottom of the journal relates to positions held in names mentioned in a particular post at the time of publication. It is in NO way meant to be a recommendation. Thanks.

Heads up and eyes forward, team, as we take it one step at a time. Gotta hop.

Good luck today.

R.P

Short SPY


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