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Henry Hill just walked into Minyanville, winked at Daisy and told us that as far back as he can remember, he always wanted to be a trader. Hey Spider! What, is Hoofy part of the "pay no mind" list? I don't care how wise you are, give our bull a little respect---once in a while everybody's gotta take a beating. Now please, grab your shine box and get to work!

Over at the casino, Jimmy Conway asked us to please put the Utilities (UTY) on our radar as the sector is getting slammed for 8%. Typically, I don't focus on this sector but when the price action is the egregious, you'd better pay attention. That action is starting to get a bit sloppy as traders are clearly losing patience with the tape. As I said yesterday, this frustration is potentially self-fulfilling in the near term, but constructive from 40,000 feet.

The action in the Cisco world continues to stand out, as does the blink-and-ya-missed it 4% dip in the SOX (semiconductor index). I just opined to our buddy Snapper that a bit of panicky selling was necessary if he was gonna show up today. This is not to say he will swing by...but "straight up" out of the gate was, how shall we say, unlikely. Now the real games begin. Watch S&P 775 as a downside support and S&P 800 (previous support) as a near-term resistance.

Hey Boo...why are you laughing? What am I, a clown? Do I amuse you? Do I make you laugh?

Good luck.


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