TO THE POINT

This morning's volatility has fallen into a sleep walk this PM as the SPY trades between 130.5 and 130.8. The market internals indicate a rally into the last hour as they are a bullish 600 to the green. I will probably go long the SPY on a dip for a quick day trade flip. The markets are too overbought in my opinion for a long term hold (a few days).

Oil stocks are maintaining their bid as crude trades north of 73. The Semis are up 1% in front of the INTC earnings later tonight and the HHH being led by YHOO is up almost 4%. The brokers continue their unstoppable ramp with JEF leading the way up 8.5% again today.