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Opening Observations

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You knew that, at the very least, I was gonna give it a try!

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  • The GSE's (Fannie Mae (FNM:NYSE), Freddie Mac (FRE:NYSE) are still a focus.

  • Uber-early morning breadth is 3:2 negative on the Nazz, flattish on the big board.

  • S's over N's.

  • The greenback is sneaking lower again.

  • The drugs have an early bid (Eli Lilly (LLY:NYSE)).

  • If you're really creative, you can see a head and shoulders pattern in the 10 day NDX chart.

  • Watch the homebuilders and biotechs for any signs of slippage in the face of good news (Lennar (LEN:NYSE) and sell-side push).

  • The brokers continue to be the most important sector on the big board.

  • Dell's (DELL:NYSE) COO is saying no signs of a tech pickup at the Bear Stearns conference. This is NOT new commentary on his part.

  • Given the recent shrugs, I would have thought Texas Instruments (TXN:NYSE) would have more of a bid.

  • 16.3% bears. That's insane.

  • Watch IBM (IBM:NYSE) and Microsoft (MSFT:Nasdaq) to see if they can reassume a leadership role.

  • Friday's high (S&P 1008) is a logical place for short side stops.
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