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Sniffy the Pup

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Remember, the first half hour is always noisy!

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The opening bell tolls and Hump Day in Minyanville has officially begun. My early trading eyes are fluttering between the French CAC (tickling October lows), the S&P (820 is a level), the banks and semis (standing their early ground), the retailers (not catching jig off of KSS), the breadth (3:2 negative in the NYSE, 4:3 on the Nazz) and the cyclicals (battleground).

My initial inclination was to fade (read: buy) the opening for a quick schnitz but I didn't pull the trigger. As discussed, the goal is to find the "easier" trade and I didn't sense a compelling disconnect. That, of course, doesn't mean we can't lift--it just means I chose not to risk my hard earned capital on that particular trade.

There are several ways to skin a Minx and rather than try and catch every nuance, I'm taking a deep breath and watching for now. If we rally, I plan on buying back some April puts in the financials, semis and industrials. So you know.--and just one traders (humble) opinion.

Gotta hop.

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