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Ahh, the information age...where it's possible to have in depth (and, in some circles, intimate) exchanges by lifting a finger or two. The following IM chat occured this morning between me and one of my sharper coverage guys.

Tradingcoverage: what do you think here ?
Toddo: held right where they had to (S&P 1060) with leadership from financials (s's over n's). they gotta get through S&P 1075ish though.
Toddo: ndx 'could' be forming a reverse head/shoulder and breadth decent. they're making bears work for it. (watch energy too--it acts great).
Tradingcoverage: wm (washington mutual) blowing up
Tradingcoverage: down 1
Tradingcoverage: my fear is, unlike last few fomc meetings where we sold off hard prior to, we are up against new hi's and short base significantly smaller- not sure we get the 4-5 day rally we got after the last four.
Toddo: was gonna say--
Toddo: the stairs seem up...BUT...plenty of trap doors
Tradingcoverage: agreed
Toddo: and with backdrop (sentiment, etc.) as it is, the stairs are creaking too
Toddo: Dow 10k should be interesting--at least the first couple of tries. wouldn't be shocked to see a head fake (above) that looks like it's gonna hold. also, lotsa supply coming (converts, ect.).
Tradingcoverage:thanks man.
Toddo: De nada.

Thought some Minyans might have an interest in observing the exchange. I'll be back in a bit....hit 'em hard today.

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