NOON LOOK

Markets are modestly higher as we hit the noon hour with the NAZ leading followed by IWM. The SPX /DJIA combo , also known as the large caps are bringing up the rear. Any recent word from the CNBC journalists about the recent outperformance of the small caps?

Sectors leading the way higher are oils, trannies, brokers, metals, airlines and reits; losers inlcude semis and the biotechs. On a bullish day, one generally doesn't want to see those two sectors at the rear.

Market internals continue bullish with +1,000 positive on the NYSE and +475 green on the NAZ. Volume is running very bullish with up/down volume over 2/1 green.

For whatever reason the markets refuse to pause/pullback and let in anyone who wants to buy pullbacks in spite of the plethora of sell signals. I guess the same old story of strong bull markets won't let folks in and strong bear markets won't let folks out.

Volatility indexes beginning to sink again with the VIX down 4% and trading at 90% of its 10 day SMA.