LATE NOON LOOK

As I stare at my screens and listen to the words flow out of Haines et al's mouth's, I can't help but wonder if the markets will ever have a down day. Each and every strategist/anayst/investor/trader appearing on bubblevision is bullish even though most concede the economy is slowing. My guess is we will have down days again and probably pretty soon.

For today, the bulls continue to run although the action in the SMH and the NDX continues to put a little thought in the back of my head that they may reverse just when we least suspect.

Market internals continue to trade at a very bullish +2,900 level and sectors acting best include oils, airlines, brokers, metals, retail and small caps. Trading lower are CSCO KLAC DNA C GOOG AMAT NVLS MXIM MRVL BRCM and WMT.

The 10 year Bond is trading at a yield of 4.76% and the Volatility indexes continue to trade down 2% and trying to hit a weak sell signal.