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Opening Blurbs

By

Boo Who?

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  • The Bin Laden capture rumors are getting loud. With the Minx sitting on breakout support, that's all she needed to put some gas in the early morning tank.

  • S&P 1015-1020 remains support while a trade through S&P 1030 would violate the nearest term resistance.

  • The consumer/cyclical rotation trade is starting to get more press.

  • Retail trades sluggish in an otherwise buoyant tape.

  • The Wall Street Journal picked up the Fannie Mae (FNM:NYSE) moratorium story this morning. While I think they're playing with some serious fire, it's clear that the administration has an agenda. And I quote: "The move would also lesson the risk of roiling housing markets with tough new regulations, something Bush administration officials are eager to avoid."

  • The banks need to push through BKX 900 to remove the dandruff concerns

  • The U.S Open semifinal match between Andy Roddick and David Nalbandian was a classic. For some reason, when Roddick was down match point in the third set (after losing the first two), I was reminded of Boo. Of course, Andy then ran the table and cruised to the championship.

  • Watch International Business Machines (IBM:NYSE) as it eyes 90. That's a huge level over the past few years.

  • Breadth is 3:1 positive thus far--watch the internals closely (for signs of traction/slippage) as they've been the single best tell.

  • I'm also watching Cisco (CSCO:NASD) for guidance as it led tech on Friday.





position in spx, fnm.
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