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Cute as a Button

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Hey Toddo, why aren't you getting dressed yet?

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Another session springs to life and the Minx sprouted some early mornin' green. As you know, I tend to view the first half hour as "noisy" as traders have a tendency to jump out of the gate. As we settle down and get the economic numbers out of the way, cooler heads (and truer tickets) should begin to emerge.

With everybody and their sister focusing on S&P 870, one of two things will invariably occur. Either we won't get there (frustrating traders who want to short at that level) or we'll trade through there (and stop out the bears) before a downside trade occurs. How you approach it and what you do with it are unique to your particular style. For my part, I'll be looking to scale into short exposure and, most likely, will allow for some jiggle once we're there.

An early look at today's tape feels "S's over N's" (S&P outperformance of NDX) and the morning breadth confirms that (S&P 3:2 winners while NDX 6:5 losers). I've heard a handful of hedgies talk about their desire to "do less" in front of Mr. Powell's big speech (to the U.N Wednesday) and that may keep volume on the light side. Regardless, we've got to stay on our toes and expect the unexpected.

Gotta hop.
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