THE CLOSER

The most impressive fact about the rally is the market internals as 4,000 more stocks closed higher than lower. The best performing sectors were airlines, brokers, metals, biotechs, and homies with the internet group the laggard thanks to YHOO. Should one worry about a market being led by the airline sector?

Other items of interest include the relative outperformance of the IWM as it was up by 2.75% compared to 1.1% for the QQQQ and 1.75% for the DIA and 1.6% for the SPY. Also check the action in IFN, the India closed end fund, which was up by almost 8%. Keep a close eye on the after market as many tech stocks will reporting after the close.

On a final note, is it just me or do the CNBC anchors get giddy on the big up days and depressed on the big down days. Listening to Maria and Haines today, one would think there will never be another down day. Maybe one of the bloggers will come up with a manic depressive market indicator based on CNBC "journalists" and I use that word loosely.