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Peter's Piper


Peek a Boo?


Now Dr. Seuss and Mother Goose both did their thing
But Jam Master's gettin' loose and D.M.C.'s the king
Cause he's adult entertainer, child educator
Jam Master Jay king of the cross-fader


The morning rap begins anew as the critters edge through the minxy zoo. After a few slippy swings around the flat line, the cross-faders are gone and we're settling into a few themes. Easy? Heck no--but reading the tea leaves will often help paint a truer path.

The most obvious element of the early action is the semiconductor slippage. Intel (INTC:NASD) is red in the face of JP Morgan's upgrade and that's a sign of supply. It's still the best acting name in the space, mind you, but that's not saying much. As it stands, the group is down close to a duece (2%).

Mother Morgan (MWD:NYSE) was similarly upped (by Bernstein) and that, too, is lower on the session. The brokers, which outperformed their piggy cousins on Friday, are playing downside ketchup today. Mutual fund madness? Technical toughness? Rate hate? Yes, I guess, and they remain the most influential sub-sector in the marketplace. It's worth noting the traction in Citigroup (C:NYSE) and that warrants a half an eyeball. It is, after all, a financial supermarket.

A quick check of the morning breadth is working 9 to 5 (losers over winners), gold is starting to catch a bid, the dollar is marginally softer and bonds hang tough. Despite the fright, the major indices are holding their own, thank you, as traders seem fearful of a snippy Snapper. Thus far, in flow's diner, I saw some meaty covers in ETF land (near the opening) and some sell-side interest in the semis (ya think?).

It's uber-early, Minyans, so take it in stride and hold on for the ride. We knew that they were gonna probe the downside (after Friday's slide) so one could argue that this was the intuitive move. Now we're gonna find out if this morning's breakfast gave Boo the energy he's long lacked. Watch S&P 1044 as an important short-term support and note that General Electric (GE:NYSE) is sitting on its 200-day moving average.

Hit 'em hard.
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position in intc, c
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