OPENING THOUGHTS

Initial thoughts on the day: Buy the pullbacks - The Pivot on the SPY is the 130 area with support at 129.2. My game plan will be to buy the dips and flip stock as it approaches the 130 area.

Last weeks lows in the 129 area is another level of support to watch. A slew of resistance remains in the area of the recent highs in the 131 area.

The market internals have rapidly improved to green on the NYSE and flattish on the NAZ- I continue to be in the buy the dip mode until it stops working.

The sectors outperforming include Oils, Techs, Banks, Metals, Brokers, Retailers, Semis and GOOG. The laggards are AAPL, Bios and Consumers. The Volatility indexes are flat.

The technique of buying when stocks are ripping higher has not worked well and my guess is that it will continue to be a troublesome trading method.