CRUDE MARKETS

Markets are higher but considerably off their peak as the price of crude is steaming higher by about 2 bucks. The DJIA is +17, SPX +5 and NAZ +2.5. Note that the DJIA Futures hit the resistance point at 12,570 and immediately turned tail.

Strongest sectors are oils, metals, emerging markets, biotech, large cap value, defense, tech banks and brokers. Leading lower are gaming, airlines, software and semis.

GS AAPL and ICE are all lower on the day and have not acted well of late. Not sure if they are implying a near term market reversal but they sure act lousy.

Market internals are bullish with the NYSE a +890 and NAZ a +370 while the internal action on the major indexes also looks very good. The SPX is 325 green; NDX 55 green and OEX 70 green.

Biggest winners are BDK BHI AA CAT ROK PTEN WFMI UNM WFMI FHN ITW MOT and WFT while LXK IFF PCL MMM JNY UPS ATVI GRMN AMZN and LRCX lead lower.

Anyone investing in the DRUG sector may want to check out the new PHARMALOT BLOG put out by the Star-Ledger. The author has been writing about the sector for many years and it is definitely worth a read.