CLOSING THOUGHTS

Market close near the highs as the CNBC team of PISANI/BARTIROMO/RATIGAN attribute today's rally to the SPX break above the magic 1,390 level. Of course they make no mention of the fact that the small caps (IWM) were up double the SPX/DJIA and the SMH etf was up triple the SPX/DJIA combo.

Winning sectors included semis, retail, small caps, brokers, airlines and tech. The losers, metals, trannies and MSFT on the ZUNE news (bust).

Market internals closed with about 2,600 more winners than losers with a skew to the NYSE.

VIX/VXO tandem back under the 11 level and again extended to the downside while the 2 day RSI on both the SPX and IWM are back at the mid 90's level.

My strategy now after buying earlier and selling into the close, wait a while as the market will probably sell down from here in light of all the euphoria.