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The Tortise and the Hare

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There she stood in the doorway
I saw the mission bell
And I was thinking to myself
This could be heaven or this could be hell

(The Eagles)

I just walked into the kitchen (shocker) and found Snapper arm wrestling with a very determined Boo. Man, say what you will about our young Menagerie...if nothing else, they're active! Question: Does anybody else think it's weird that I have a metaphorical collection of cartoon characters living in my head? And...does this mean that when I go to therapy I have to pay group rates?

Anyway...

I suppose the first bounce off our magical S&P 775 level was intuitive, as the tape felt "pressy" into a seminal technical level. Again, I don't know if people follow these levels because they work or they work because people follow them...but it sure is uncanny how precise they can be at times. That said, there's still a ton of time left in the day and a lot can happen in three hours. Hair follicles everywhere!

My eyes continue to vacillate between the internals (still 2:1 negative), CSCO (trades heavy), banks (holding their bid) and our levels. The UTY, which was quietly melting before, has begun to slink higher and is only down 5% at the moment. Meanwhile, pharma and soft goods continue to show signs of traction, and I'm wondering to myself if this is a part of a "larger" rotation. Hmm...

Casting an eye forward, next week brings a slew of earnings reports from corporate America and it won't be long before portfolio managers begin to focus on this. This information shouldn't factor into today's decisions---but put it on your radar....it will matter soon enough.

Be back, mon frere.

R.P

Long Spy

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