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Watch the S&P 830 zone as the first area of stickiness.

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The opening bell tolls and traders immediately probed the downside to test the will of the bulls. I just opined to nobody in particular that "straight down" may be too "easy." After yesterday's rippage, traders are conditioned to buy dips and while that's potential bearish (creates more supply), it's self-fulfilling in the uber-term. IF (big if) the market is to soften today, chances are she'll trade higher first.

The Wolverine sentiment number just came out lighter than expected (75 vs. 78) although I'm not sure how much weight that'll carry in this environment. Sure, if the market trades "off," we'll read about the impact of the lower consumer confidence but there remain much larger crosscurrents.

The morning breadth is skewed to the negative and the financials are a tad slipply. Still, it's too early to read the tea leaves as the opening half hour is typically noisy. I continue to have two legs in my metaphorical bear costume and I'm eyeing the levels we discussed earlier. Also, Dubya and Colin will be making a 10:00 statement regarding the Middle East so toss that on your trading radar as well.

Gotta hop
position in spy

Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at todd@minyanville.com.

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