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Sniffs

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Hey Richard--N's over S's...again?!?

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The opening bell tolls and Hump Day in Minyanville in underway! The initial noise is always loud (particularly when emotions are high) and despite my nominal picks, I'm doing a bit less. The first sell-off and subsequent fade attempt (higher) are intuitive--now it's time to put our nose to the ground and sniff our some color.

The retailersare trying to hang tough and I'll be watching Wal-Mart as it approaches resistance at 49. The Semis act well out of the gate and I'm keying off the KLAC's and AMAT's of the world there. Finally, the pharma complex (both DRG and BTK) is an island of green. On the other side of the coin, the banks are down a quick percent and the brokers are off a deuce while MSFT and ORCL are flat on upgrades (hmm!).

A quick check of the morning breadth shows losers trumping winners 2:1 across the board. Overseas, the bourses are holding tight down about a percent each. It's uber-early, Minyans, and the fate of the tape is still very much in question. Tony made some good points this morning--it's dicey out there. Pick your spots carefully and don't trade just to trade.

I'll be back.
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