NOON UPDATE

The theme over the past several months is that economic news is meaningless and every dip is bought in size. That is all one had to know to make lots of money in the markets since the June lows. Not much reason to expect it won't continue as folks probably learn to trade what they see and not what they think or some big picture bearish scenario. The goal is to make money and not make macro economic predictions.

The big winners today are in the tech and small cap sectors as the semis caught a bid after dipping to neutral territory in the early trade.

The gaming group led by WYNN LVS and BYD are leading the markets with semis, internets, small caps, brokers and financials all very strong. Oils and drugs are lower.

Market internals are very bullish with a +1,500 reading on NYSE and +1,100 on the NAZ.

Daily resistance on the SPX is near the 1,407 level while the DJIA level is 12,265, and I intend to buy pullbacks from those levels. Monday pullback buying with strong markets and strong internals has been a very high probability trade.

DJIA winners total 27 with IBM AXP INTC UTX and HON leading with PFE MRK and XOM the biggest losers.