NOON LOOK

Markets are acting fairly well in light of the opening dip lower and the NYC odor of gas.

Don't worry was the cry from the NYC leaders and I would say the same about the markets as my signals are pointing higher.

The Semis and the NDX continue to lead higher and I suspect they will bring the rest of the markets up before the day is over.

The internal action at the big indexes is pretty bullish also as the NDX has about 65 higher and 35 lower, the OEX 100 has about 55 higher and 45 lower while the SPX has a bit more than half the issues higher. The DJIA is also about 50/50 between winners and losers.

Overall on the internals, the NYSE is -190 and the NAZ is -165.

Also, keep in mind that the 50 day SMA is a bit below at 1,400 on the SPX.

Strongest sectors are gaming (WYNN MGM LVS), semis, airlines, biotech, software, tech brokers and trannies while the homies, oils (flipped) internets, drugs retail and reits are trading lower.

Strongest stocks in the big indexes are CTXS NTAP LVLT SNDK EMC GD XRX S and IBM while weakest are TLAB EBAY MOLX DHI INTU HD LTD VZ FAST and AMZN.


I suspect some of the hedge funds who were very bullish and very over weight the crude patch may be undergoing some forced selling which is probably pressuring the whole group.