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Hot Potato

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Another week of Minyanville is underway and as the opening bell rang, I turned to Junior and confessed that I couldn't do it. I spent all weekend trying to convince myself to be bullish but, when push comes to shove, I just don't believe. That, of course, doesn't mean we can't rally (timing is everything)-but I've never been one to blindly defer to the price action. Remember, if you own 'em just 'cause the tape acts well, what's your catalyst if (when) we turn? My point is, if you're gonna play that game, define your risk please.

The action in the banks and retailers stand out as they both immediately came for sale out of the gate. It's important not to read too deeply into the initial price action but I wanted to pass it along regardless. A check of the morning breadth shows a relatively balanced posture (after an initial surge) while the semis have taken a breath as they await word from 'Frisco. So you know, I've asked Rich Gannon to pass along any news from the Bay Area and he's agreed to do so. Such a mensch!

The week is but an hour old so take a deep breath-it's more important to do it right than it is to do it quick. On that note, let me jump to do the right thing. I'll be back, Mon frere.
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