CLOSING COMMENTS

Markets closed the day at/near the highs as the day trading dip buyers had numerous opportunities to buy and sell near the close.

Strongest sectors were oils, emerging markets, metals, silver stocks, banks, tech, small caps, biotech, trannies and brokers; leading lower were gaming, airlines and software.

Market internals were the tell that a rally would probably appear as the NYSE closed with 1,350 more winners than losers and the NAZ closed with a net 550 to the green.

Major indexes all had many more winners than losers with the OEX showing 67 up, the NDX with 60 up and the SPX with a very bullish 350 green.

Leading higher were FHN UNM WFT L MOT ITW BMY CHRW CKFR FLEX PTEN ADSK WFMI BDK BHI and S. Lower were MMM UPS F FDX MRK JNPR ATVI LRCX ADBE and MRVL.



The DJIA was a laggard as MMM and MRK were major drags. Without them, the DJIA would have been up 70 points. Also not participating were the Semis; some days they act great and other days they do nothing. GS and AAPL also were lower today and are beginning to unnerve some traders as they should be leading market rallies. ICE MER MS IAI were all higher and CME recovered about 25 points of morning losses.

In the for what its worth category, the small caps have now take the lead in the best performer for 2007 as they are now +1.3% compared to +.7% for the SPX and +.5% for the DJIA. Oh, and has anyone on CNBC mentioned that IWM is only about 60 cents from an all time high. Advice to Jimmy Cramer, just tell folks to buy IWM every nite and ignore the individual stocks. Makes for lousy TV but good returns.

My market commentary remains the same, dips are for buying as that strategy has worked since March 2003.

I can give anyone many many reasons why the markets should go lower but the old adage of trade what you see continues to say higher prices as there continues to be demand for equities.

We are again only about 90 points from all time highs on the DJIA and it wouldn't surprise me if some time next week go knocking on the door again.