BROKEN CLOCK

The market is moving higher on news from KLAC that orders will be up 10% next quarter. Not sure that is the reason or an excuse, anyhow the market seems to have made some kind of interday low at the 126 area on the SPY and 37 on the QQQQ. The market also might have smelled out the sale of Cody's (realmoney.com's nibbling trimmer) QQQQ long from yesterday on a stop out.

The SMH have also traded dry all day and were hinting at a market turn. The internals have also gotten some jig and now trade with an equal amount of winners and losers, a big improvement from the 2,000 more losers earlier.

I would also note the jig in the oil patch. They seem to turn the quickest when the markets flip to the upside and today seems no different. Briefing also has a blurb on one of my favorite oil service stocks and one that I have held since it was Cal Dive:


"Fortis raises their tgt on HELX to $70 from $53 saying mgmt guided to $4.00-$5.50 in 2007. They think that they are likely to come in near the top end of that guidance, if not exceed it primarily due to their expectation that the Marine Contracting business is likely to exceed the upper end of guidance levels. The firm says organic growth in the deepwater marine contracting business, internally generated utilization, a dominant position in the shallow water, innovative approaches to lower E&P development costs, a 5-7 year backlog of drilling inventory with a rapidly growing production profile and reserve base all indicate a valuation premium to their peers."

I think I will hold it for now.