CLOSING THOUGHTS

Markets closed the day higher on the heels of strong prices in the oil patch as President W supposedly announces a large injection to the SPR.

Even with the rise in oil equities, small caps were the star of the day as the IWM/RUT rose about 1% with growth leading value.

Strongest sectors were oils, metals, gaming, defense, homies, emerging markets and software. Leading lower were airlines, biotech, brokers, internets and drugs.

Overall internals were strong with +1,000 on the NYSE and +550 on the NAZ.

The NDX had about one winner for every loser while the big cap OEX had 65 up to 35 down while the SPX showed about 340 up and 160 down.

Biggest winners were CTXS TIN RHI RIMM SLB and TXN while PFE F CKFR KLAC AMD and GPS led lower.

The IWM/RUT was the best performing major index and has traded to the 50 day SMA, although it seems to be in more of an oscillation mode than a trender so it may be a sell.

Tech earnings are probably the word to describe them is underwhelming and the tech indexes
are suddenly underperforming. My suspicion is once earnings season is over the tech stocks will again lead the markets higher. I hear the PM's now - "tech stocks have underperformed and are cheap again"- Don't know if they are cheap, but bottom line from watching the markets, there is demand for equites and that will take em all higher.