THE 11:00 SHRUG

The markets have shrugged off the 5% yield on the bonds and have now flipped to the green. The Naz and Tech are leading the way with the MSH higher by .8%. The market internals have flipped to +735 on the Naz; NYSE internals are flat but my take is that the fixed income "stocks" are tainting the stat. The SOX and the SMH are both 1% higher and INTC is up 2% on an upgrade.

The oils have now flipped to flat and the metals are trying to make a stand lower by .5%.

The SPY Resistance in the 129/130 level will most likely keep the major indexes from getting much more of a ramp today.