TECHNICALS SPX

The NAZ led the markets higher with a 30 point gain while the DJIA and SPX had much smaller gains of 6 and 2 points respectively. So has the terrain shifted to a tech dominated market? No clue but it would not surprise me as I have repeatedly showed the poor performance (red) last year for semis and internets.

The technicals on the SPX are showing a rangebound market as the index has been between 1,410 and 1,430 since early December and the ADX has sunk down to the 16 level, the lowest since mid August. The ADX measures the strength of the current trend with a high number indicating a strong trend and vice versa. Generally, a number of 30 indicates a strongly trending market.

The VIX continues to trade at pre teen levels but higher lately although not overbought or oversold as it trades a few percentage points above it 10 day SMA. So no signals there but watch for it to trend higher which probably means better dips and blips.

On the newswire, MOT warns and is downgraded, LEH downgrades XOM, JPM downgrades DELL, GS downgrades AET, PRU raises tgt for LMT and PRU downgrades CHK.

For the Cramer addicts, Jim's 3 favorite growth stocks are CSCO AAPL and NYX. He was bullish on GS ADBE DIVX SYK and CWTR and bearish on AMTD YHOO VLO RTK and MDRX.