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Standout Performers

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The macro tells are equity neutral thus far

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Another session springs to life and, after the requisite noise, stocks have begun to forge their daily path. The early NYSE tone is firm as a handful of S&P call buyers put a bid in at our initial support (S&P 897). Over in techland, the NDX is eyeing some gap fillage above NDX 1100 (initial resistance) and that bears watching as we wade through the morning muck.

A quick check of the morning breadth shows winners trumping losers 3:1 in the old school and 2:1 in four-letter land. The banks are attempting to exert leadership, the semicaps are battling to shrug off Friday's downgrades, retail is mixed and pharma is lethargic.

I'm edging back into the mix with a handful of cheap vol (two-sided) and a predilection to fade rallies. I am also spending more time scanning for situations and sector rotations as that'll likely offer a better relative risk/reward than pure tape-calling. Yes, I do believe that there will be cheaper prices with which to play but, as we know, that path will littered with plenty of false hope and empty promises.

One step at a time, my friends, as we edge into a new week. As always, I hope this finds you well.
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