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Opening Observations


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


  • 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.
position in fnm, spx, qqq, pph

Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at

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