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Wishbone

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Will the N's pull down the S's? Or will the macro influences pull up the S's, and hence the N's?

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The Minx springs to life and, after digesting a disturbing blurb on the war front, has settled into her daily dance. The single biggest theme that's emerged is the relative outperformance of the S&P over the NDX (S's over N's). The disparity was pronounced from the word go as software (PeopleSoft (PSFT:Nasdaq)), semis (STMicroelectronics (STM:NYSE)) and storage (QLogic (QLGC:Nasdaq)) led the techs lower while the financials (banks and brokers) set the tone for the old school.

A quick smell of the morning breadth confirms what our eyes are seeing. The NYSE has sprinted to a 3:2 positive posture while their four-letter cousins are relatively flat. How am I incorporating that into my stylistic approach? Throughout the day, if I want to set up some gamma, I may buy SPY (on a ratio) against my QQQ puts. You typically want to trade "apples to apples" on these types of strategies but sometimes you can audible if you sense a relative disconnect. Just an FYI.

Reports on MSNBC indicate that cyanide and mustard agents have been found in the Euphrates river and that's weighing on the collective psychology (for now). There's a lot of noise out there, Minyans, but keep an eye on the dollar and bonds -- they've managed to hold their bid (thus far) and that may mean that the allocation rotation is still in play.

Also, please note the downside gaps (from Wednesday's open) as they're within spittin' distance.

I've gotta hop and juggle the jiggles -- I'll be back.

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