NOON TAKE

Not sure if it is time to declare victory yet, but the OIH has indeed traded up to 149.11 and is near the highs of the day as I type.

Major market indexes are trading mixed after roaring at the open on the heels of the retail sales news. The DJIA is +4, NAZ -4 and the SPX is +1.

Sector leaders include airlines, oil service, homies, integrated oils, utilities and retail. Leading lower are semis, drugs, bios, trannies and metals.

GS and GOOG are trading slightly red while AAPL is a bit higher.

The 10 year rate continues to trade over the 4.56% rate and if it falls back this afternoon it may give a bit of a bid to equities.

Market internals are flattish with about 325 more winners than losers after opening at the +2,000 area.

My take for the balance of the day is that equities will rally a bit before the close. I am long some DJIA Futures and looking to unload them near the morning highs.