NOON LOOK

Markets open weak but seem to want to rally as the market internals continue to improve. The oils continue to lead with biotechs and semis strong; bottom performing sectors include internets, trannies, airlines and retail.

I have gone long some SPY but will watch closely as I don't usually like to buy when they are this overbought. Also covered some of the QQQQ trade as the market feels like it wants to go higher despite the short term overbought condition.

I was also curious about Bill Millers's AMZN holdings and it looks like it is number 5. Also in the top 25 holding are EXPE, EBAY and YHOO. It is going to be tough to outperform with those in the top group and he is now down 7% on the year.

One of the stocks I wanted to mention yesterday was XTO. This has been a great stock over the past few years and it has consolidated over the past few months. They reported good numbers/guidance yesterday and my guess is that if oil hits the century mark as per Boone, XTO will be a major participant.