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Wishbone Dressing

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Huh?

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The fray is underway and the juice is loose. Tech, as you might expect, opens green with envy and I saw a LOT of short covering in the QQQ out of the gate. On the other end of my screen, the financials act like stone cold Steve Austin and they continue to wave the yellow flag on this rally. It's early--and thin--but keep an eye on that sector in general and the GSE's in particular. The F-troop (Freddie Mac (FRE:NYSE) and Fannie Mae (FNM:NYSE)) are crowded...but for a reason.

The first half hour is always "noisy" and, as today is louder than usual, I gave Boo a little wiggle room out of respect for the red banks. I definitely wanna go on vacation naked (sans costume) but thus far today, I actually nibbled on some puts. The Intel (INTC:NASD) October 27's piqued my interest and I tucked a few of those away for a rainy day. We're definitely in an N's over S's environment (SOX over BKX) but those aren't a trade for today.

Toss Bank of America (BAC:NYSE) on your radar as it just broke it's 50-day moving average for the first time since March. If the financials stabilize, the rest of the tape should be fine, thank you. If they start to melt, however, all bets are off. Something stinks in Bankville and, as we continue to bump up against tranched resistance (S&P 1010, 1015, 1020), it warrants respect.

Apologies for any lag in posts...as I'm penning this the market is slipping back down. I'm writing as fast as I can to get this to you in a timely fashion. Thanks for understanding.

Gotta jump.

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