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Sniffage

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Sloppy opening as the chatter on the street is starting to focus on the widening spreads in the credit market. It's super early, but the traction in CSCO bears watching---it's the first time it's been green in a while. I'm not involved, mind you, but I am monitoring this name as a tech "tell."

The out-of-the-gate internals are (obviously) drekky, with the breadth in the Nazz 3:1 negative and the big board losers outpacing winners 4:1. The banks, meanwhile are slippy but attempting to find traction as they slowly migrate towards yesterday's low (620ish). As I said, it's early...but dare I say N's over S's?

Be disciplined out there, my friends....it's hairy!

Gotta hop.

R.P

Long QQQ calls, long Spy (for a trade)


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