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Eyes on the World

By

The oldest adage in Wall Street, Toddo--never short a dull tape.

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There comes a redeemer
And he slowly too fades away
There follows a wagon behind him
That's loaded with clay

(Grateful Dead)

Well, Sammy--so much for your sideways slither! As soon as you smiled, the quiet storm began to probe the upside supply. There's nothing like higher prices to kick off the great debate and that's exactly what's going on right now. Now, as Franz Blix takes center stage, traders will be looking for clues--any clues--that will help them catch the bipolar ghost. Tag--you're it!

The environment continues to be whisper thin and the Minx is being pushed around by a handful of orders. The most bullish element of the action is the financials--Citigroup has held it's bid and, while resistance looms at 34, we must note it's traction. The breadth, however, has yet to confirm and while it's slowly edging better, it's a far cry from compelling.

I wish I had more value to add but the uber-short term nuances are quite difficult to game. Into this lift, I've added back some April puts in select financials, cyclicals and semis but, again, I'm respecting the thin tape and it's ability to jiggle and wiggle. Take a few deep breaths and don't let the fear of missing color your approach--steely nerves are needed now more than ever. Watch S&P 830 as "a" level on the upside and 840 as a more daunting resistance, if and when.

I've got to hop, Mon Frere--I just wanted to get a quick post out 'cause I can feel ya schvitzing. I'll be back.
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