HISTORIC

HISTORIC, that is what Dylan Ratigan of the bubblite sect just called the markets today. Of course we have the DJIA +40, NAZ COMP-8 and the SPX+2. Not sure I would call it Historic, a better term for the day is probably ho hum as IBM drove the DJIA with a $2.87 advance after being up more than $4 for most of the day. The other twenty nine issues kind of meandered while the techs were lower and the SPX was slightly green.

The NAZ and tech were down most of the day with the semis the biggest drag in light of the INTC CAP EX cut back.

Market internals, +400 on the NYSE and -115 on the NAZ.

Sector/stock leaders included airlines, drugs, brokers, retail, consumers and biotechs. To the downside semis, metals, oils, internets, tech and cyclicals.

DJIA winners, IBM JNJ DIS PFE and MRK; losers JPM CAT AA MMM XOM T and MCD.

Volatility indexes were unchanged as usual sitting near their recent lows near the 11+ level.

Tomorrow's pivot point on the YM is near today's close of 12,040 and I expect another choppy day. For what it is worth, the OIH continues to hang in near the 130 level in spite of lower crude and the IWM did finally underperform today.

Tonite is earnings from the likes of AAPL EBAY JNPR and COF.