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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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