NEAR THE CLOSE

The markets are a few moments away from the close and the OIH has made a roaring comeback. It traded under the 160 level this morning and has now rebounded to the 165 area. Anyone buying the dips or selling the puts? Puts on the XLE also looking nice and I sold the May 57's at the 1.15 level and now they are under 90 cents. Any chance they go out worthless(lol)?

The market internals are 1,500 to the green and like the major market indexes, have flatlined since near the opening bell.

IWM is +1%, QQQQ +.8%, SMH+.75% and the always underperforming SPY is +.4%. The sector outperforming today is the metals with HUI +1.4% and XAU+2.6%.

The brokers are green but old reliable GS is underperforming along with C.

If one is expecting this market to break out of its recent trading range and go materially higher, I think it is time to reevaluate the strategy. My strategy is to buy em lower and sell em higher as that is the strategy that has worked. Whenever the market gets jiggy and Haines and the ladies talk about new six year highs the market just fizzles and drifts lower.