OPENING THOUGHTS

The markets are way higher on good news from Big Ben and the oversold condition, but I would stress caution as the VIX/VXO tandem immediately drops 12%, and the techs are not leading in light of YHOO and the spill over to the other internets.

Market internals are strong with about 3,300 more gainers than losers and the bios, banks and brokers are all leading. Oils are lagging along with the homies and the metals and watch for the overhead resistance at the SPX 1260 level.