MORNING TAKE

Markets are bouncing all over the board with a bullish bias as it appears to be the SPX's turn to take the baton and run.

Oils, metals, internets, emerging markets, retail, biotech, and tech are leading higher while airlines, gaming, trannies and software are lower.

Market internals are very bullish with the SPX being brightest at 330 up; 60 up on the NDX and over 70 green on the OEX.

Overall, the NYSE is green by 735 and the NAZ is green by 250.

Key stocks (GS AAPL GOOG ICE MER MS IAI) are all green with the lone exception of the CME which has already come back about 10 off the low.

Winning index stocks include BKD BHI TGT UTX VRSN AKAM WFMI and MOT while the biggest losers are LXK IFF PCL MMM UPS JNY CME and WYE.

Volatility indexes are basically flat and the bond rates have barely moved as the 10 year yields 4.88%.