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Palm Spree

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Good luck into the close!

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Now my body is starting to quiver
And the palms of my hands getting wet
I've got no reason to doubt you baby,
It's all a terrible mess


(Led Zeppelin)


The afternoon Minx continues to sink and the bears pour it on and the bulls stop to think. Indeed, Hoofy hasn't taken a beating like this since he put a banana down his pants and turned a monkey loose! Now, as we probe the lows of the day (with nasty breadth), it's crunch time in the city of critters. Let's take a look.

I've been eyeing the area under S&P 1100 for a counter-trend Snapper (in the context of a larger trade lower) but thus far, the action is all punk. With March put options six feet under, the stickiness that we saw Friday is nowhere to be found. To add injury to the insults, the NDX, Trannies and SOX all below their 200-day moving average. It's been quite a while since we've had some sustained volatility but we've got it now. DEFCON 3, baby--let the games begin.

As brother Reamer and brother Succo Buzzed earlier, there's no shortage of explanations as to why we're lower. The most common seems to be the terror card and while there's certainly an element of risk premium being injected back into the tape, that's more of an effect than a cause. The simple truth is that a disconnect emerged between perception and reality. Until those two elements juxtapose, the choppy and sloppy action will continue.

I've gotta hop--Microsoft (MSFT:NASD) news just hit the tape and I'm involved--so lemme get this post to you while I can. The rest of this week is gonna be pretty hectic for yours truly so apologies in advance for post laggage. If I don't get another post out before the critters and I hit the road, lemme take this moment to wish you all the very best of luck in the week ahead.

And as always, I hope this finds you well.


R.P.
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