12.15.2006

AFTERNOON SWOON?


Markets continue to trade higher although off their best levels of the day as the DJIA+40, NAZ+10 and SPX +3.

The 10 year interest rate seems to be crawling back to the unchanged level as it loses half its pre market gains and trades back to the 4.56% level.

Market internals have weakened considerably and now trade at +375 on NYSE and +430 on NAZ. The up to down volume is also getting closer to break even as there is 555 M shares up and 407 M shares down.

Buying big gap ups on Friday's is not my forte and a lower close today would not surprise me at all.

Strongest sectors include internets, brokers, homies, software, semis, airlines and financials. To the downside are metals, oils, gaming and AAPL LVS DNA and BAC.

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