THE AFTERNOON

The markets continue to trade as there will never ever be another down day as the NAZ leads the markets. SMH also looking good here as it is up 2.5%. Small caps continue to outperform the DIA/SPY tandem, but the spread seems to be receding so maybe a tell. NAZ internals are not nearly as good as the NYSE but still positive by 840 issues.

The Volatility tandem of VXO/VIX continue to be worthless tells trading at about 14% under their respective 10 day SMA's.

The 10 year Bond yields 4.87% and that is probably the biggest reason for the rally as stocks get cheaper in relation to fixed income.

I have not made a trade today as I have decided to just let the market get way overbought without me.