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Handle with Care

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If you don't stay humble, the market will do it for you.

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On and on the rain will fall
Like tears from a star, like tears from a star
On and on the rain will say
How fragile we are, how fragile we are


(Sting)



The morning fray is underway as the critters shape the trading clay. The action out of the gate is tentative, to say the least, and you can almost see the bulls tentatively dipping a hoof in the muck. Clues? There are few--breadth is flat, the financials are lower (but Citigroup (C:NYSE) is green), biotech is trying to find legs, the trannies are losing steam and the metal/dollar duopoly is flattish.

With that said (and duly noted), a probe lower would make sense after the fugly close yesterday. A fair amount of technical damage was done and if (when) they try and rally back, those previous supports will serve as resistance. Count NDX 1450, S&P 1150 and SOX 495 among the more obvious levels but, when trading individual names, you've gotta identify zones particular to your positions.

I'm gonna cut this post short so I can get it to you in a timely fashion. I sincerely hope this finds you well and trading "to win" rather than "not to lose." The former is a frame of mind while the latter is the quickest way to dig yourself into a hole. If you don't see it, don't force it--Warren Buffett said as much in his weekend missive. It's not about how much you trade, it's about how you trade.

Fare ye well.

R.P.

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