ODD BALL

Another wierd day in the markets as the NAZ closed +30, DJIA +7 and the SPX +2 as an obvious rotation into tech is clear. The SMH was +1.9%, MSH+1.8%, GOOG +16 and AAPL +2.2%.

Tech is in and oils/metals are out with other strong sectors being biotech, (AMGN +4%. GENZ+5.5%), airlines, software, drugs, and trannies. The worst were oil service, oil, metals, brokers, homies, utilities and gaming.

GS was down $1.87, MER lower by $1.57 and MS up 29 cents INTC +4%, and HHH the internet ETF also up 3%. The question is how much higher can the markets go without the brokers? I guess tech can go higher but I doubt the overall SPX or DJIA can.

Market internals were flat on the NYSE and +375 on the NAZ. The SPX was also evenly split between winners and losers while the NDX had about 80 higher and 20 lower. Tech and Biotech good and most other sectors not so good.