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The semis are acting pretyy dry, baby...a classic sign of N's over S's!


A couple of quick thoughts out of the gate. We've (obviously) broken those saucy 5-day gips (charts) in the N's and S's. I still have those charts up and will be watching for signs of traction at Friday's lows. That's S&P 840ish and NDX 970ish for those that want to play along.

An early check of the morning breadth is...anyone? Anyone? Fugly. That's to be expected on a "gap down" as the reactive crowd jumps in and plays along. We've got factory orders at 10am (exp. .3%) and, once that's out of the way, the noise should begin to abate.

Defense, the semis and the oil service names are showing signs of early dryness while (pick a group) has come under pressure early. I'd expect to see a fade (read: rally) attempt early--particularly with the SOX acting well. Still, without the financials, the Minx is gonna have a tough time Snappin.

I continue to hop around with one leg in my metaphorical bear costume (25% conviction on the short side) and, consistent with the Shim Sham thesis, will look to turn my lid around (at a point) and trade from the long side. I'm not there yet, mind you, but I always like to give the readership an early look into my crowded keepe and, well, there it is.

Good luck...and hit 'em hard, baby.

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