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Sniffle Kisses


The banks are, by far, the most important group in today's tape.


The Minx springs to life and the games, for lack of a better word, have begun! A couple of quick observations from the front regarding the opening flurry:

The semicaps once again trade heavy as chatter of an Intel (INTC:Nasdaq) capex cut makes the rounds. I don't have any insight as to whether it's true but that's probably what's weighing on the likes of KLA-Tencor (KLAC:Nasdaq) and Applied Materials (AMAT:Nasdaq). Away from that complex, the Internet stocks are trading heavy (Barron's cover story) along with the retail group.

The banks opened higher and have (thus far) managed to hold their bid. As discussed, I'm fading (read: selling) them (as a function of price) and have thus far picked (at puts) on some of the names that are up. I've also taken a small punt on April out-of-the moneys in this group just for schnitz and giggles. I'm not certain if it's today's business but I will say that as the financials go, so goes the Minx.

Meanwhile, back at the ranch, the NYSE breadth is just fine, thank you very much, as winners are outpacing losers 2:1. Tech doesn't trade as well (4:3) and that's contributing to the continued S's over N's dynamic, cousin Richard. In macro land, the dollar has slipped from earlier levels and that warrants a mention as well.

Wow! Jim Boheim of the NCAA Champion Syracuse Orangemen. That still sounds odd to me but that's alright. I have all year to get used to it. Wasabi!

I'll be back.
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