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Revelry

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Dogs of war and men of hate
With no cause, we don't discriminate
Discovery is to be disowned
Our currency is flesh and bone


(Pink Floyd)

Iraq's ambassador to the United Nations spoke his mind and evidently he wasn't thrilled with the results of the vote. As his comments hit the tape, the specter of war seemed to be seep into the minds of investors. As I've said, the field position of the market plays a huge role in the psychological impact of these types of comments. If this news hit on the July 23 lows, it may have actually been spun positively. After a 20% rally, however, we could have a different situation on our hands.

The air raid sirens have sounded in Minyanville as S&P 895 is in jeopardy and the breadth has turned decidedly negative. As past support is future resistance, S&P 900 now becomes a ceiling for the traders among you. Please know that there will likely be war rhetoric hitting the wires for the rest of the day, so this tape will be reactive to this news. In our sector spotlight, the banks remain my focus but I'm also monitoring the biotechs (weak all day), retailers (heavy as well), semis (on the back of yesterday's drubbing) and defense (looking at some upside punts).

Stay on your toes as we've got four hours of decisions to make before our overnight risk profile is determined. Whatever you choose, you'll have to live with over the weekend so, either way, think it through. As always, I sincerely hope this finds you well.

Good luck.
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