AFTERNOON UPDATE

The markets are off their highs but I expect another run to at least the morning highs later this afternoon.

I hear Doug Kass on street insight is "all in" on the short side and others have mentioned that the "market is going to get crushed". I will continue to follow the "buy the dip" mantra until it stops working. Calling for a change in market direction has not worked in about three years.

The Oils are crushed and I think its time to sell some puts on the OIH or the XLE. That strategy has also worked for a long time now (free money).

The market internals are still 900 to the green and the QQQQ/SMH/IWM trio is leading the SPY and the DIA.

The brokers and the banks are also behaving quite well and with the jig in the techs is setting the markets up for a jig higher.

Volatility indexes are flat and continue to yield zero in the way of trading signlals.

Jimmy's big long in BOL is crushed another 5% today and check out Adam's take on Cramer V Leonard. Too funny.