CLOSING THOUGHTS

Markets closed on an up note as the early afternoon dip was shockingly bought again by the dippers. For the pivot watchers, the DJIA support pivot at the 11,890 area held like a charm and the DJIA bounced through the pivot point to the 11,930 area near the close. If one had held the trade through the afternoon, a nice 35 point gain.

Market internals also flipped green this afternoon and closed with about 500 more winners than losers. Best sectors were oils, trannies, metals, brokers, retailers and some banks. Losers were internets, biotechs, drugs and some tech.

Please note the strength in GS as this stock is just pure green as it never ever seems to have a down day or a significant pullback. Not sure if its because of great earnings for the next quarter or a massive buyback; my money (long GS) is on both.

Keep in mind that the monthly resistance pivot of SPX 1,354 is right above us so it may take stops out or it may be another brick wall.