THE CLOSE

Markets hit their highs in the first hour of trading and then just flopped around the balance of the day.

Tech and the NAZ were the outperformers while the big cap indexes did little.

Since the NAZ has been outperforming, I have switched my futures focus to NQ from YM as there is more volatility and better performance of late. The DJIA seems stuck lately as drug stocks lagged the last several days and WMT CAT and HD have also run into some selling pressure.

Market internals hit their highs early in the day (+1,500) and closed with about 700 more winners than losers.

Sector winners included airlines, semis, gaming, trannies, brokers and internets. Big biotech names were drags today as both AMGN and DNA were both lower by more than 1%. Metals also brought up the sector rear.

DJIA winners today included INTC AIG HON GM VZ and PFE while MCD HD PG DIS and JNJ were the biggest losers.

GS is starting to act a little doggey and today it is down $2 from its morning highs. Not sure if it is telling us something, but I would not be surprised.

There seems to be some significant resistance at these levels and Tuesday's generally have a "turnaround" connotation, so we may see a bit of a selloff tomorrow.