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The Zepp Schlep


Who.... does... number... two.... work... for?


So if you wake up with the sunrise
And all your dreams are still as new
And happiness is what you need so bad
Girl, the answer lies with you

(Led Zeppelin)

The morning mood is a bit of a brood as the bears skip to an early lead. While losers are outpacing winners 2:1, the damage thus far is relatively muted. I suppose that shouldn't come as a shock with the volume so light (get it?) but remember, Minyans, we've only just begun.

As discussed in the opening post, I'm carefully watching the financials today for any signs of slippage/traction. They're holding their own thus far (Citigroup (C:NYSE) is flat) and that's worthy of a nose scrunch at this early hour. Pay particular attention to these names as some low level chatter of a (fixed income) hedge fund "problem" is circling the trading wires.

General Electric (GE:NYSE) should also be on your trading radar as they're due to release their short cycle data today. With the industrials flexing their muscle of late, traders will be looking for confirmation (for continuation) or an excuse (to lock in some profits). It remains to be seen if they can bring good things to life.

Flow wise, it's quiet (as you might imagine) although the mongo Microsoft (MSFT:NASD) call buyer from yesterday had a change of heart and puked 'em out. I haven't seen much by the way of gorillas in our midst but there was some selling (via hedgers) and the Minx seems to have absorbed it. SPY 101 continues to be my most actionable inflexion point and as long as we're below it, Boo has the ball.

Finally, I've gotten some sneak peaks at the talent for the Critters Choice Awards and all I can say is HOLY GUACAMOLE! I've been sworn to secrecy and can't leak the news (yet) but suffice to say that the menagerie is pretty pumped. Just philanthropy. It's simply as good as it gets.

As always, I hope this finds you well.
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