THE CLOSING RAMP

Markets filled the gaps and closed at the highs with the DJIA higher by 2.5 at the close. The range, ugh, another tight one with a spread of 25 points between the high and the low. The SPX also tight with 5 between the best and worst.

Strongest sectors included internets led by GOOG, small cap growth, financials, trannies, utilities and airlines; leading lower were metals, biotechs, software, retail, gaming, reits and semis.

Market internals flipped to green on the NAZ with 370 more winners than losers and flat on the NYSE.

The OEX had about 45 winners while the NDX had a weak 40 in the green. The SPX also lagged with less than half closing in the green.

The VIX/VXO tandem are back at/under the 10 level which is not surprising in light of the 3 days of decay in the front view mirror.

The DJIA/IWM are now sitting with 2 day RSI's overbought trading in excess of the 90 level while the SPX/QQQQ trade at a more neutral 70 level.