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Rock Shock

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Who ya calling Casper?

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They'll stone ya when you're tryin' to make a buck.
They'll stone ya and then they'll say, "good luck."
Tell ya what, I would not feel so all alone,
Everybody must get stoned.


(Bob Dylan)


Don't get excited Fokker--the above lyrics are being used in a biblical (rather than literal) sense. Indeed, the remnants of the bear camp are falling like a rock as acne fever spreads around the street. You wanna add spice to the technical mix? Cisco (CSCO:NASD) CEO John Chambers just hit the tape saying that August orders are better than expected. Watch this name for traction as it breaks through 20 (triple top).

Hoofy seems to have a mojo monopoly but that can act as a two-sided sword. The Investor's Intelligence numbers came out this morning and, shockingly enough, bulls upticked to 56.5 (vs. 53.1) and the bears slipped to 18.5 (vs. 20.9). I know it's yawn city but, by definition, a lack of shorts makes the market inherently more dangerous. That may not matter today, but it's an input that's worth of acknowledgement.

Obvious levels today include S&P 1020 (past resistance, current support) and BKX 880 (same). The semis are the most extended sector, so there might be some S's over N's action despite the Cisco news. Breadth remains a major tell as well and if the 2:1 posture continues into the afternoon, that will warrant respect.

Hit 'em hard.

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