SAME OLD SAME OLD

Markets closed higher again in spite of a few blips during the afternoon but still fairly strong.
Sectors leading the way today included oils, GOOG, brokers, AAPL, GS, retailers, smallcaps, metals and airlines. On the darkside were semis, biotechs and drugs.

Market internals held steady most of the day and even improved near the close to 2,000 more winners than losers.

Not sure if I can quantify it, but the market seems to be running out steam as the IWM and QQQQ started selling off in the afternoon but still closed fairly well.

The VIX pictured above is telling in that it is approaching its recent lows under 11 and when it gets there it is 1) hard for it to go lower and 2) if it goes higher, the markets have to go lower.

The OIH rebounded nicely today although not finishing at the highs. I am very curious to see if this is a dead cat bounce or something with more legs. I suspect legs.

And did anyone note the Cramer take on TWX today and how he said he always thought Pittman was a bad CEO. If so, I suggest you check out this article written at the time of the AOL/TWX merger. The title of the article "State of the Web: AOL-Time Warner, the Great Corporate Story of This New Century." I do not understand why no one challenges this guy on any thing he says. He could say anything and the fine folks at CNBC will take it as gospel.