SAME OLD SONG

Some major market indexes are trading at new all time highs on the heels of the Fed statement. DJIA/ RUT/IWM/SPX all at new recent highs as the NAZ and tech continue to lag. Anyone mention lately that dips are for buying and the song remains the same.

Strongest stuff today includes gaming, homies, trannies, metals, retail, oil, brokers, banks and internets. Weakest are semis and AAPL.

Market internals very strong with 1,375 up on NYSE and 560 net green on the NAZ.

The NDX has flipped to about 80 green, OEX 85 green and SPX over 400 green.

The brokers have rebounded from recent doldrums and GS MS MER IAI are all trading nicely in the green.

Bonds are being bought big time and the yield on the 10 year is down to 4.826%. Who would have thunk it was possible?

Volatility indexes are getting hammered as fear quickly leaves the markets and the VIX/VXO tandem are now trading a bit under their 10 day SMA's. The recent buy signals in the group has been the 9.5 levels, so maybe a little more upside.