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The Dizzy Drizzam

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Keep an eye on those financials!

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I come creepin through the fog
With my saggin Dukes
East Side, Long Beach
In a 7-8 Coupe DeVille


(Snoop Doggy Dogg)

The Minx creeps through the morning and, after the initial giggle, probed the downside. Yesterday's lows provide the first level of contention and, if they sneak through, our other levels come into play. The prevalent mindset continues to be catching the Snapper--whether or not that becomes self-fulfilling remains to be seen.

Breadth is minty this morning and is workin' 9 to 5 on the big board. The financials also seem a bit stickier than normal out of the gate and I'm watching Citigroup (C:NYSE) and Goldman Sachs (GS:NYSE) in that arena. The internets are offering mixed signals, gold is a tad firmer, the dollar is flat, drugs are getting smoked on the Merck (MRK:NYSE) news and Fokker is wearing a tie-dye. Go figure.

Tired Toddo continues to trade around a short bias but, once again, I'm gonna keep my stops uber-tight on the short term stuff and roll 'em down (if and when). I still have my longer dated puts (and some calls as an upside hedge) and that's being traded a bit "wider" as a function of price. With the market down 8 of the last 10 sessions, a potential for a Snapper exists. At the same time, that very mindset may set the stage for a deeper correction.

Finally, with regards to the F-troop, the fact that Freddie Mac (FRE:NYSE) restated their earnings higher by $5 billion doesn't make me feel that much better. I've said it before and I'll say it again--anytime that accounting misses by billions of dollars is disconcerting and potentially problematic (regardless of the direction of the miss). As always, that's simply my humble opinion and not intended as advice.

Deep breaths Minyans--we're on our way.

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