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Unearthing Bertha

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They're spanking my fannie!

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Dressed myself in green,
I went down unto the sea
Try to see what's goin' down
Try to read between the lines


(Grateful Dead)

Forget Atkins, dump the Zone...if you're looking to lose weight, hire Fokker as your assistant! Ever since Florence starting penning his (excellent) morning chronicles, he's conveniently forgot to order breakfast! I'm not exactly fading away, mind you, but in the interest of full disclosure, I get rather grumpy when I'm hungry. Consider that fair warning....Fokker!

Back to life, back in reality, the opening pop briefly retreated, quasi-filled the morning gaps and is once again grasping for traction. The semicaps are pacing the four-letter freaks (on the heels of Novellus earnings (NVLS:NASD) and Lehman's upgrade) and that's lending to a better tone in tech (N's over S's). Keep an eye on the SOX for signs of slippage/traction as we edge through today's muck.

Across the farm, the S's are digesting the morning waffles as the financials, retailers and select industrials weigh on the old school. Fannie Mae (FNM:NYSE) stands out (again) on the sell side and that's quelling sentiment for the piggy banks. It's early, mind you, and there's a lot of trading left in the day--but the early battle is shaping up as the slinky SOX vs. the fugly Fannie.

As I pen these morning thoughts, the crimson red is starting to spread. The breadth is now negative and the dichotomy between the S's and N's is becoming more pronounced. Watch yesterday's lows (S&P 975ish and NDX 1230ish) as the initial technical support...and think positive, it all begins within.

I'll be back.
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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 todd@minyanville.com.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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