NOON UPDATE

The bull is having his way on the news of lousy GDP numbers, the hope of lower rates, and I suspect marker upperers having some fun on the day before the last day of the month. My question, where were the bulls yesterday afternoon when I wanted them?

Market internals remain very strong with 3,000 more winners than losers and winning sectors are all over the spectrum as semis(+2.5%), banks, metals, brokers, small caps, retailers, techs and trannies all participate. The oils are having a rough go in light of lousy numbers coming from CVX and lower crude.

Technically, the SPY and the DIA are both in overbought territory on a short term basis with respective 2 day RSI readings of 93 and 97. VIX/VXO combo both trading at 90% of 10 day SMA- equals more sell signals. The QQQQ continues to lag with a 2 day RSI reading of 79 while SMH has been getting a bid; 2 day RSI reading of 96.