NOON LOOK

The Philly Fed has come in and knocked the markets down with some market unfriendly news about business conditions. Markets were trading slightly higher before the release with the DJIA a bit weaker on the heels of the constant negative newsflow on HPQ.

Market internals have flip flopped between green and red all morning but seemed to have been firmly green (+1,200) before the Philly release. My guess is the dippers will look at this opportunity as a gift. Why would business conditions interfere with a steady uptrending stock market?

Sectors acting best today include oils, GOOG AMGN metals, GS and internets; losers include semis, consumers, cyclicals, retailers and airlines.

One of the indicators that I watch all day is the TICK, it seems that when the internals are green and the TICK stays in the box between zero and +1,000, odds are pretty good that a bullish strategy of buying dips and selling rips will do well. Also, check the pivot points for areas of support and resistance and honor your stop and one can make a pretty good trading system.