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Tied to the Tracks


Who are you calling a damsel?


Trouble ahead, Lady in red,
Take my advice you'd be better off dead.
Switchman's sleeping, train hundred and two is
On the wrong track and headed for you.

(Grateful Dead)

The Minx sneaks out of the gate and after some crimson tide, the green team made a comeback. Telecom trades particularly well (Cisco (CSCO:NASD) comments), the financials are firm, retail is mixed, morning breadth is negative and thin skinned Fokker forgot to order breakfast. Subtle hint, Greg--I get very cranky when I'm hungry!

It's very thin out there (I should be so lucky) and I'm watchin' Microsoft (MSFT:NASD) like a hawk. I've nibbled on some cheapie front month uber-defined downsides vs. some special situation longs as I don't trust 'em but I'm wary of the choo choo. It's all about respect, mon, and risk management. Watch S&P 1015 (June high) as an inflection point (if and when) and remember that nobody is smarter than the market.

I want to be more bearish and if I start to see cracks in the foundation, I've got my fingers on both triggers. With everyone this juiced up, one of two things is gonna happen. They'll "self-fulfill" (higher) through S&P 1015 or they're gonna catch everyone with their shorts down (literally). I'm a zagger--this you know--but again, my risk is defined both ways. I think "it's" close but with the acne (breakouts) in the leadership groups, there is clearly two-sided risk.

Trade smart and fare ye well.
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