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The Charlie Daniel's Tape



The trader went down to Georgia, he was looking for a trade to steal
He was in a bind, 'cause he was way behind
And he was willing to make a deal

(The Charlie Daniels Band)

This is a devil of a market, eh? I've spoken to a bevy of traders this morning who are schvitzing hard and trying to make heads or tails of the tape. I will tell you what I told them...don't press. Approach the market with steely nerved precision, remove emotion, and honor thy process. If the mechanics of your swing are sound, you will make just have to wait for your pitch.

Two sectors to keep an eye on this morning are the retailers (dockworker strike) and the drug group (Lehman brothers upgrade). Both of these sectors hold decent weightings in the S&P, so if we're to look at the tape as a market of stocks rather than a stock market, we should pay attention to it's components. That said, I will continue to key off the banks (BKX), which have been waxed for 16% since last Tuesday's close. They've been leading the market around by the nose, so as they approach the July intraday low (602) on an oversold basis, we should monitor them closely

See you after the opening


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