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Deja Vu

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The action in the financials is my potential savior!

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One morning I woke up and I knew
You were really gone
A new day, a new way, I knew
I should see it along

(Stephen Stills)



The midday Minx has started to blink as the smell from the swell is startin' to stink. After an initial upside spurt from the "if they ain't down..." crowd, the supply side of the equation filled in. It's been "S's over N's" all morning and the semis (along with the Nazz breadth) were the tells that something was amiss. Now, with the S&P below recent support (1130), all eyes turn to the double secret 200-day floors (S&P 1120/NDX 1440).

While I respect Hoofy and his upside agenda (there's a lot of that going around), it's tough to make a compelling case for the Matador crowd. And the truth is that if we take out the aforementioned support levels, things like crude and jobs and electoral uncertainty will suddenly matter. It's the whole reactive rationalization thing and it's the way of the Wall Street world. There are bull and bear markets competing daily and the final tallies are the residue from that friction.

As we trudge our way through the muck and fray, please keep an eye on the cyclicals (CYC 700), SOX 385 (double support), BKX 100 (recent highs) and XBD 130. If the latter duopoly can find its jig, Boo will need to put corks on his forks and step aside. Until then, active Minyans should continue to monitor the breadth and macro elements (crude, fixed income) and view the big picture as a series of little pictures (levels). And please remember that we're a few scant weeks away from the election and the potential for jitters will increase in kind.

It's been a long week and I, for one, am ready for the vaunted Friday night face plant. There's no rest for the bleary, however, as we're about to enter the "Jeter-ARod-Sheffield" portion of earnings season. One step at a time, Minyans, and let's focus on the minutes and let the hours take care of themselves. In four short hours, the Minx will take a two day nap and we'll be able to turn our attention to friends, football and a little bit of life.

As always, I hope this finds you well.

R.P.
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