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Toga Party!

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The University of Michigan Confidence number hits the tape at 85 (vs. expectations of 82). That's slightly better than expected but there were higher whispers. The tape briefly poked its nose up and the battle of Greek week is now underway. I saw one gorilla (institutional) footprint out of the gate (on the buy side) but truth be told, it seems as if everyone is in watch mode. I suppose that's consistent with the reactive nature of the market as traders are more likely to buy "up" than "down."

The BKX is down a quick percent and that complex continues to be the B.T.O.C (best tell on campus). Meanwhile, the SOX (semis) is down a quick deuce (watch the semicaps) and the retailers act relatively dry. Morning breadth is a bit garlicky in the Nazz (3:2 losers to winners and 2:1 downvolume/upvolume) although big board has a better internal smell. S's over N's (S&P outperformance of Nazz)?

It's super-duper early...stay tight and on your toes.

Good luck.

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