THESE EYES

Maria is all excited about the big rally in stocks. Don't tell her that there were a lot more stocks down than up or it will rain on her ratings. Looking closely at the action, nothing, I got nothing as the markets were all over the place with the SPY trading at its resistance level of 131.25 for most of the day after gyrating (1.26) wildly in the first hour. The QQQQ looks to close down about 15 cents and the very relevant DJIA (CNBC index of the day) is up about 65. The internals rebounded a bit and show 550 to the red into the close. Volatility indexes are unchanged and giving no signals into the end of the trading.

The story of the day is clearly the pummeling of the metals and silver in particular. Is it over for them? DOUBTFUL. My advice is to scale in and buy the metal dip.

The SPY Pivot Point for tomorrow is the 131.2 level so that really looks like a magnet area although GOOG tonight could change everything. SLB also reports in the AM so that could be an OIH mover for tomorrow(sell the news?).