CLOSING THOUGHTS

Markets close in the middle of the day's range with some real selloffs in Semis and software as SAP issues downside guidance.

Anyone trading the DOW Futures today probably noticed the outage in the CBOT; the good news when they came back they were up about 35 points from where they went down. Good for the longs anyway. I still expect the old highs to be taken out and I will be buying the dips.

The NDX closed up 19 points with about 75/25 the ratio of winners to losers; the SPX 500 had about 380/120 ratio so all is well in big cap land. The RUT was the winner on the day, up about 1.25% although it is rarely mentioned on tout TV.

Overall, market internals were +1,310 on the NYSE and +960 on NAZ.

Strongest sectors were gaming MGM LVS WYNN, airlines, biotech, brokers, homies, retail, trannies and retail. To the downside were oils, software, nat gas and utilities.

Back to the NDX, it is a bit extended with a 2 day RSI of 98, so probably a little selloff is justified, besides tomorrow is Friday before a three day weekend. A perfect excuse.