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A Frumpled Frampton

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Come to papa!

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Oh won't you show me the way
I want you to show me the way
Oh won't you show me the way
I want you to show me the way


(Peter Frampton)


The opening bell ticks closer and, before we start, I had to highlight a quote from this morning's Wall Street Journal. "Technology stocks recovered sharply from their lows [yesterday] as investors concluded that they had become inexpensive." Uh...McFly...I understand that reasons are often assigned to the trading rhyme but that nugget is a tad tough to digest. Just once, I'd like to see the media report "Stocks were pressed lower by anxious shorts and once they didn't break the 50-days, they got squeezed like a Florida orange!"

Rolling up our sleeves for a new day of giggles, the near-term squirm should be relatively apparent. On the north side, we have the gap fillage (first stop) and if the 4 B's can lead by example (banks, brokers, breadth, biotechs), I will let them show me the way. On the downside, yesterday's lows (and the 50-days) will be the first support of the bovine fort.

My thoughts? If they make an assault on S&P 1060 with good leadership and sharp internals, I think the newbie bears will towel toss. With that said, I will offer (again) that I believe this juncture is Boo's best shot at the pot and, as such, I'm gonna scale out some of my underlying exposure into the lift. I've still got some cheap upsides on (as a hedge) and if they can power through the zoo, the risk (from a price standpoint) is relatively defined. Gun to head, I wanna fade it.

Honest thoughts but never advice. Hit 'em hard.

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