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Ms. Piggy


The market squeaks open and another week in Minyanville is underway. Beeks stopped in for some schnitzel and to let us know that the existing home sales were slightly better than expected. The tape knee jerked higher on the news(it's uuber-thin) and we saw a spate of short covering in the QQQ's and SPY's.

The morning breadth is minty fresh with a slightly better tone in the S's as the NDX struggles with the 200-day moving average. In sector action, specialty pharma stands out as UNH, WLP, AET are getting smoked on the heels of a SG Cowen downgrade. Man, if that's how managed healthcare acts imagine how bad unmanaged healthcare would be! Retailers also warrant a mention as the chatter of mass discounting is making its way around the trading wires. Finally, soft goods continue to underperform as anxious portfolio managers seem to be rotating into higher beta names.

The flow this morning has been skewed to the buyside but I sense the early liftage is more a function of a lack of sellers. My eyes continue to migrate to Cisco and Microsoft as they're usually decent proxies for the overall tech tape. Again, it's very, very quiet. Stay sharp.

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