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Chicken Styx

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I can't wear a grass skirt, silly--I'll eat my whole wardrobe!

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I'm sailing away, set an open course for the virgin sea
I've got to be free, free to face the life that's ahead of me
On board, I'm the captain, so climb aboard
We'll search for tomorrow on every shore
And I'll try, oh Lord I'll try....to carry on


(Styx)

The opening bell rings and December expiry has officially begun. For the most part, the opening seas are green as we merge into this morning's traffic but, true to form, I've managed to find potential flies in the ointment. The biggest bug has to be Europe which, despite our strong stateside showing, can't get out of its own way. As past support is future resistance, DAX 3000 now becomes a ceiling for the German market and should be keyed off as an inflection point.

Taking a walk through the morning sunshine, it's interesting to note that the NASDAQ breadth is not confirming the rally (yet) and we should continue to keep an eye on that. Micron and a handful of retailers have also turned lower and that's worth a mention as well. Yes, it's uuber-early kiddies, and the day has just begun-these are the first things that jumped out and yelled "Boo!"

If the S&P can rally north of 895, I may put my other leg back into my metaphorical bear costume just for schnitz and giggles (I currently one leg in, or 25% conviction on the short side). Obviously, my horizon is now six hours (I'm taking the critters and heading to the south pacific) and I'll continue to use a strict S&P 900 stop. I wonder how Daisy's gonna look in a grass skirt?!?!

As far as our trivia question, it's clear that this question is a bit tougher than I thought so I'm gonna up the ante. The first Minyan who can list the best selling critter tees in order of popularity (one through five) will win one of our prized fleeces! Only one guess per person, please, and send your response to auction@minyanville.com.

Good luck!

R.P

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