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Club Sandwich




Oh Mickey
What a pity you don't understand
You take me by the heart
When you take me by the hand

(Toni Basil)

The early fray is underway as the cats away and the mice all play. The obvious headliners today--Disney (DIS:NYSE) and Elmer--are battling for attention as we edge through the morning muck. The standout stocks, from a price action standpoint, are the brokers. Goldman (GS:NYSE) got upgraded, Comcast (CMCSK:NASD) is writing checks and traders are bettin' that the easy Al won't come with a scowl. Please note that, as it stands, the piggies have yet to join the party. Perhaps it has something to do with the fact that Argentina was down 8% yesterday?

Should the Minx have opened "better?" I opined to Fokker one and Fokker deux that I was surprised the futures weren't higher pre-opening but, with that said, there's alotta trading left in the session. Before we get into the guts, I wanna paint a coupla broad strokes. The Investor's Intelligence Sentiment survey has been above 52% bulls for 25 straight weeks--that's the longest in history. That, in and of itself, isn't bearish but, without question, it makes the market more susceptible to shock.

Jumping back to the here and now, the semis are somewhat sticky and that's lending a bid to the N's (over S's). Breadth is nowhere, man, and I would consider that a negative considering the news. Retail has regained its crowded mall status, oil service is still hot, storage has a bid and the drugs are getting smoked. Hey Greg RN, do some work and see where John Kerry stands on big cap pharma.

Thoughts? I expected them to try the upside (and they still might) but the fact that they haven't yet, is intriguing. Regardless, Matador Elmer will be here in a bit and that'll likely set the tone for the rest of the Hump. Technical levels remain NDX 1500 (1515) and S&P 1150ish on the upside and NDX 1490/S&P 1138 are the nearest term support zones.

Gotta scoot.
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