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Heaven Can Wait!

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Darn biotechs!

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So, so you think you can tell Heaven from Hell?
Blue skies from pain?
Can you tell a green field from a cold steel rail?
A smile from a veil? Do you think you can tell?


(Pink Floyd)


The opening flurry turns green in a hurry and another freaky week has arrived in Minyanville. The uber-early tone is somewhat constructive--the NYSE breadth is marginally minty (although well off its best levels), the semis have tacked on a quick percent and the financials are (thus far) shakin' off a Bank of America (BAC:NYSE) boot. That's the good news.

Throwing caution to the wind (whatever the heck that means), the biotechs, which led tech last week, stand out like a redhead at an albino conference (they broke their 50-day too). There are also some sluggish signs in the retail, industrial and telecom space that are quelling the early verve. Finally, the dollar has reversed hard and is getting hit like a blackjack eleven.

Last week was the first painful stain in an otherwise pristine train and, as such, it makes sense that the bears will probe the south side. Watch S&P 996 and NDX 1309 (Friday's lows) as, more likely than not, there are some "sell stops" set below. S&P 1001-1004 is near term resistance and if Snapper is gonna play nice, he's gotta first get over that hump (what hump?).

I'll be back.

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