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Mornin' Ladies!

By

Hey Pete--you're a stud!

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The Minx slinks open and another day of giggles is underway. The tug-o-war tetherball that is S&P 1060 remains an inflection point--as does Dow 10,000, if and when. The breadth is also a focus as it was worse than Fokker's yesterday and if the jig is up (or wants to be), the internals will have to take their medicine.

Altera (ALTR:NASD) weighed on the semis early but they're (thus far) shakin' it off and the financials are trying to regain their groove. The techs will find their first resistance at NDX 1400 and if (big if) they're gonna mount that hump, the semis will likely lead by example. Gold is off three bones, the dollar is dead-catting and the European bourses are mixed.

I've seen some ETF buying out of the gate--a million QQQ here, a couple million SPY there (mostly covers) and that's giving an early bid to the squid. For my part, I took some SMH out of the gate and flipped 'em as the NDX tickles initial resistance. I wanna see how they act there--I can always reinitiate my exposure (either way) if need be.

Last--but certainly not least--a huge Minyan congratulations to my pal Pete Scialla at Morgan Stanley. I worked with Peter when he was an up and coming trader and he has just become the youngest Managing Director in the history of mother Morgan. I can say this honestly--it couldn't happen to a nicer (or more humble) guy.

I'll be back.

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