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Ruby Tuesday


The opening bell clangs and another session is underway. I've seen a fair amount of sell orders in the futures pits this morning but I'm being told of some underlying demand on the cash desks. There are very noticeable gaps in the S&P (under 895 works to 882ish) and the NDX (under 1030ish works to 1010) as a function of last Thursday's opening--so put that on you're trading radar as we scan the landscape.

A check of the morning breadth is skewed 3:2 on the sell side but it's very early. The sector action is somewhat pronounced as retail is taking it on the chin, specialty pharma is fugly, defense and energy are showing signs of life (for the first time in a while) and storage is giving some back. The all-important financials, meanwhile, are holding their own so far, thank you very much, and they remain the most important complex in the marketplace.

Gotta scoot.

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