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Smack Dab!

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Good morning Vietnam!

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We don't need no education
We don't need no thought control
No dark sarcasm in the classroom
Teacher, leave those bears alone


(Pink Floyd)

A couple of quick thoughts to start the trading session. The obvious tells today include the biotechs, semis and banks. I'm also keeping an eye on the relative big cap laggards (General Electric (GE:NYSE), Microsoft (MSFT:Nasdaq), Wal-Mart (WMT:NYSE), Drugs) as they're decent weightings in the S&P. The opening flurry promises to be hairier than my unshaven chin so remove emotion and play smart as we edge into the muck.

As a perspective, please pull up a six-year (weekly) chart of the S&P. There is a rather substantial neckline sitting in the 970-980 area (if and when). I'm not sure if we'll get there but, if we do, that should stop this beast in her tracks. Not today's business but something to keep on your secondary trading radar.

I'll be back... hit 'em hard.
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position in spx, bbh
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