CLOSING GOOG

Markets closed at/near their highs with strong internals but continued crummy action in recent superstars such as AAPL GOOG and GS. The DJIA was +52, NAZ +4 and NAZ +8. IWM and MDY were much better performers gaining about 1% each.

Strongest sectors were gaming, homies, trannies, integrated oils, biotech, defense, airlines, biotech, brokers, retail, emerging markets and small/mid caps.

Weaker were GOOG AMGN AAPL MSFT C KLAC tech, oil service and the NDX.

Market internals were strong all day with a net 1,550 green on NYSE and 900 green on NAZ. The SPX had over 350 winners while the OEX had over 70 green. The tech heavy NDX was flat between winners and losers.

The VXO closed a bit under 10 while the VIX is a little over and a move down to the 9.75 levels will probably mark the end of the recent rally.

GOOG was one of the stories of the day as it dropped about $20 on the heels of earnings last nite and some great stuff from Cramer. I think he says it may be a buy or may be a sell, but either way I will be correct when I get interviewed by my shill.

Markets are looking overbought at these levels and I suspect a selloff next week as the beginning of the month money fades away and trader folks ring the register.