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Jackson Heights


Peek a Boo!


On and on it seemed to go,
That you don't know what you've got till it's gone
On and on it seemed to go
That you don't know what you've got till it's gone

(Janet Jackson)

The morning trip has begun to slip as traders probe the downside and get a handle on the (underlying) demand. As it stands, S&P 1050 is within earshot and one would think that if Snapper is to make an appearance, he's prolly hiding around there. It remains thin and thinner but a few themes are starting to emerge. Let's take a quick look.

Breadth (our best tell) is working 9:5 on the downside, the semis have burped back a percent, the financials are lower (but hanging), money is rotating into the (defensive) drugs, the biotechs and internets are firm and retail is under pressure (Wal-Mart (WMT:NYSE)).

Despite the relative lethargy, one more upside shakeout wouldn't shock me (above yesterday's highs) and I'm allowing for that in my trading approach. I surely want to be more aggressive and if we get that lift (or convincingly break S&P 1044), I very well might be. As it stands, I have my requisite (defined risk) exposure and I'm happy with the way I'm positioned.

Not much has shifted on the macro front. Europe is quiet, the dollar has settled in (lower), gold is flattish and bonds are stronger. We saw a large account come in and "take" deep-in-the-money puts in the S&P and MNX (remember that?). That, as much as anything, caused the last wave of pressure. As always, I hope this finds you well and warm.

I'll be back.

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