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The Leaning Tower of Pizza


On your nose, kid!


In another time's forgotten space
your eyes looked through your mother's face
Wildflower seed on the sand and stone
may the four winds blow you safely home

(Grateful Dead)

Is it real...or is it Memorex? That's the question on trading lips right now and you can see it in the price action. With so many head-fakes littering the recent landscape, you can't blame the bulls for their intimacy issues. Fool them once, shame on you. Fool them twice, shame on them. Fool them as many times as they've been fooled? Hari Kari, Mary!

As you know, I (humbly) slipped my feeble appendage out of the bull costume (into triple resistance). My inclination continues to be to fade (read: sell) this rally--I just don't know if it's too "conventional." Do I think THAT was the low? Not on a bet. I'm just trying to ascertain if there's further jig before the rest of the Shim.

My eyes keep migrating towards Citigroup (as a tell) and Sandy & Co. can't seem to find their footing. I've been trading it back and forth (on the short side) and while I'm not involved now, I continue to use it as a chief tell. It "broke" at 34 (which, by the way, coincides with BKX 725) and, until it proves the bears wrong, that should act as a ceiling.

A check of the midday breadth is...ok (not fabu) and, while I want to see some squeezage (to put 'em out higher), I'm not sure we get it. I nibbled on some S&P puts as a function of the relative weakness in the financials and will stop it out if we lift. Puts you say? Bear costume I say--and I'm gonna be tight.

One leg into the fur, Mon Frere (25% conviction on the short side). Engine room, more steam!

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