11.06.2006

THE CLOSE


Markets close near the highs with DJIA +117, SPX +15 and the NAZ+34.

Market internals were very bullish all day and closed with about 3,000 more winners than losers. On the NYSE, about 2500 green and 800 red or better than 3/1.

Just about all sectors were winners with airlines, brokers, semis, trannies, tech and small caps leading the way. Metals finished in the red and consumers, retail and drugs lagged although still very green.

Tomorrow is the election and prevailing wisdom is the dems take the House and the Repubs narrowly hold the Senate. Any other scenario may send a shock wave through the markets in one direction or another and I suggest checking Drudge for updates during the day as he seems to get his hands on exit polls and has a pretty good record of calling close races before the polls close.

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