CLOCK WORK

Right on schedule (immediately) the bulls bought the opening dip and have sent the markets rallying as a clear heads up was provided by the SEMIS (SMH) - which are up over 1.5% as I type. The NAZ futures were another way to play as they have rallied about 12 points from the open. The DJIA is the laggard index down about 25 while the NAZ COMP has flipped to green and the SPX is still a tad lower.

Market internals started the day down about 1k on each exchange and have now flipped to flat and the TICK has also been strong all morning rarely trading below the ZERO line.

GS, a key tell for the markets closed the opening gap down on the heels of the LM blow up and morning buy has paid off nicely.

Strongest sectors include silver, semis, metals, retail, airlines and tech. Weakness is found in the brokers, internets, oils, trannies, drugs and biotechs.

I continue to think buy the dip is the trade of the day and check out the inter day chart on MER. Those two brokers, MER and GS are excellent tells and I would not be surprised if the DJIA gap gets closed before trading is done for the day.

And is anyone else tired of this same old speech from W. I know I am right; I know I am right- Don't confuse me cause I know I am right.