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Meow Mix

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If these levels don't hold, heads (and shoulders) are gonna roll!

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But if you wanna leave, take good care
I hope you make a lot of nice friends out there
But just remember there's a lot of bad and beware

(Cat Stevens)

It's a gorgeous winter morning in Minyanville and the critters are bundled up and ready to rock. The pre-opening scuttlebutt has been relatively active as traders digest the economic data (worse than expected), Oracle's earnings (marginally better) and the brokers (still digesting). An equal (if not greater) focus has been placed on the macro crosscurrents as gold is (once again) rallying, oil is firmly above $30/barrel (although OPEC just hit the tape saying that they'll increase production) and, oh by the way, Europe continues to get creamed. Watch that DAX, cookie, whether you sprechen Sie Deutsches or not!

In level-land, the S&P continues to flail around our support cluster but we're getting close to put up or hide time. The bottom end of the cluster muck is around S&P 875...so if we decisively break that zone, we'll have confirmed the head and shoulders pattern (negative). Meanwhile, the semis, which are now down 20% so far this month, have a corresponding SOX 280 dandruff level. Both these sectors are approaching oversold territory and the stochastics are edging closer to buy signals but, again, these oscillators are decent directional gauges but unreliable timers.

Keep half an eye on our technical levels (they matter), half an eye on the leadership groups (semis, banks, retailers), half an eye on the maco-tells (gold, crude, dollar) and half an eye on Europe (ya!). When your done with that, watch Microsoft and Cisco (gorilla tells), the internals (daily tell) and defense, soft goods and energy (contra-tells)

I'm juggling like the clown I am this morning but, as this is the last auction day, I'm gonna be all over this. Victor Gallo has emerged with a new high bid of $3500 for the one-of-a-kind, signed by all original critter poster (see below) and, as 100% of the tax-free proceeds will be donated to The Ruby Peck Foundation for Children's Education, he's got some good energy coming his way. Send your bids to auction@minyanville.com and be the ball!

See you after the opening.

R.P

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