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Knock Knock!

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Ya know, a "retest" back to S&P 1015 would be textbook.

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Well, the first days are the hardest days,
don't you worry anymore
When life looks like Easy Street
there is danger at your door


(Grateful Dead)


The opening flurry twists in a hurry and there are some active critters in our midst. I stumbled across a sector bell curve this morning and buzzed "Pepe" Depew to post it asap. I think it lends excellent perspective to our current directive and is a must see for ye faithful Minyans. It's not a timing tool, per se, but it's a terrific illustration of our relative field position.

The morning action is a bit kinky as the piggy banks are dressed in drag. The brokers are trying to support their buddies and you can see the clear dichotomy on their respective charts. The BKX is flaking with dandruff while the XBD broke out above the July high of 585. This intra-sector battle has big technical implications so please keep in on your radar. The tag team of Bank of America (BAC:NYSE) and Citigroup (C:NYSE) vs. Goldman Sachs (GS:NYSE) and Mother Morgan (MWD:NYSE).

Meanwhile, the four-letter freaks are trying to hold their own as the Cisco (CSCO:NASD) breakout (through 20) and SOX traction are pacing that sector. Software is taking a breather, storage is mixed and the biotechs are hangin' on. Keep an eye on Microsoft (MSFT:NASD) as well as we edge our way through today's muck.

As far as our levels go, everyone is talking about S&P 1020 but I think S&P 1015 is the more important support. While 1020 broke us out of the triple top and confirmed the acne, 1015 is the actual resistance that failed multiple times on the way up. If you're a bull and trading 'em long, I think that's a more natural level to watch.

Michael Vick is a runaway leader in our morning quarterback poll but the last two spots are still up for grabs. Personally, I'm a bit surprised that reining MVP Rich Gannon has been shut out so far but what do I know? We'll announce the results later in the day and let the Minyanship speak for themselves.

As always, I hope your finding some jingle in those jeans.
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