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Boo WHO!

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I'm with you Toddo!

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Mama's got a squeeze box
She wears on her chest
And when Daddy comes home
He never gets no rest


(The WHO)

Well, Boo, you wanted a rally to put 'em out and here it is! The S&P is flirting with a breakout, the NDX has poked it's nose through the 200-day, the banks are pushing higher, breadth is strong, Europe closed on it's highs and the rally is broadening out. What's are YOU doing?

I'll tell you what I'M doing--I'm slipping another leg into my metaphorical bear costume (makes 50% conviction on the short side) and attempting to use price to my advantage. Why? I think this type of move was necessary to suck in some fresh money and I'm eyeballing S&P 870 above. Could I be dead wrong and this is the Sham we've been discussing for a month? Sure--but obviously, I don't think it is and I'm fading this rally. Sometimes right, sometimes wrong--always honest.

Taking a deep breath and looking forward, Goldman kicks off their tech conference next week and pretty much everybody who's anybody in four-letter land will be attending. Merrill's will also start their telco gig, Bear has a retail show and there's a smattering of economic data. In other words, use our two-day respite to relax, recoup and recharge. Next week promises to be a doozy!

Turning our attention back to today's action for uno momento, the Semis are conspicuous in their non-participation today and that warrants a mention. It's pretty much the only blemish on an otherwise impressive showing but, again, I respect the action but don't want to defer to it. While I continue to sense a hard rally "out there,"it's my humble opinion that it's going to start from considerably lower levels.

With that said, keep your right hand up as we enter the home stretch today. It's an emotional tape and traders are reactive. That's a dangerous mix (both ways) when you're dealing with an expiration and some technical pivot points.

Tick tock, baby.

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