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A Doggy Dog Tape

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As I look up in the sky
My mind starts trippin, a tear drops my eye
My body temperature falls
I'm shaking and they breaking trying to save the Dogg


(Snoop Doggy Dog)



Talk about rolling down the street smoking INDU! The Dow Jones Industrial Average is precariously perched on the July Lows and the famed "double bottom" is in serious jeopardy right now. If you haven't been paying attention to the 7500 level, I'd put it on your radar. Invariably, there are traders playing from the long side as a function of this technical pattern and IF it breaks, they've lost their catalyst. Dow Wow Wow Yippee Yo Yippee UGH!



Our trading tells from this morning continue to urge caution, as the bank index (BKX) has gotten glocked again and the internals (sorry) are getting worse, not better. Obviously, we've learned that, if nothing else, this tape is unpredictable---so keep that right hand up as we roll towards the closing bell. I've got a meeting after the close, so while I'll try and bang out a final post, please understand that my time will be pressed.



Once more, if you'd like to get a shout out when a new journal is posted, send an email to JournalAlert@Minyanville.com.



Drizzam!



R.P


No positions in stocks mentioned


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