CLOSING TAILS

Heard some great stuff on CNBC today including, Don Hays suggesting that the SOX semi index will double before the end of the year. Lets see, the index is now at 475 so that would be 950 in the next 10 months. I just wish I could take the other side of that and I would give him 10 to 1.

Cramer said the stocks he gave on the Today show this morning, XOM PG MO or KO and were THE BEST performers on the SPX today. Checking the SPX, PG is 10 XOM is red and either KO or MO was the third, KO ranked 205 and MO 67. Why does this guy not tell the truth?

Anyhow, markets closed higher with the DJIA +51, NAZ+8 and SPX +8. The real winner was the OEX, the biggest of the big caps higher by about .6% as the mids/small were the worst of the major indexes, barely in the green.

Strongest sectors were gaming, emerging markets, metals, brokers, oils, reits, defense and big caps. Biggest losers were homies, biotech, airlines and small cap growth.

Market internals closed strong with 1,000 net green on the NYSE and 400 net green on the NAZ.

The above mentioned OEX had the best internals also with 75 up / 25 down; NDX with 60/40 and SPX also excellent at 330/170.

Key stocks had a pretty good day with GS +4.5, GOOG +1 AAPL +1, ICE+8, CME +29, and MS +1. Only loser was KLAC.

The 10 year Bond was a bit higher closing near the 4.55% level.

Volatility indexes with a nice sell off as the VIX/VXO tandem lose about 16% of yesterday's pumped up prices. They now trade at about 135% of their 10 day SMA's.

Markets probably continue higher despite the protest of many TV gurus as these volatility indexes probably fall further and get near their 10 day SMA's. Buying puts yesterday was not the play.