HOW NOW?

Markets have pulled back since the early morning euphoria and some of the key stock "tells" are looking lower.

The DJIA +16, NAZ -2 and SPX +4. The best performing major indexes are the small caps and the midcaps with the SPX acting better than the NAZ or the DJIA.

Strongest sectors are homies, oils, silver/silver stocks, metals, gaming, defense, biotech, emerging markets, trannies and retail. Lower are tech, internets, software, GOOG MSFT AMGN C KLAC AAPL HHH GS and airlines.

Market internals are excellent on the NYSE with a net 1,200 green and net 360 green on the NAZ. The NDX is 50/50 between winners and losers while the OEX is about 70/30 and SPX is
330/170.

Winners include GILD VRSN MNST CELG AMZN BDK LEH CVX DD and ROK while the biggest losers include CMCSA EMC GOOG HPQ TWX SEPR CHRW EXPE and AKAM.

Volatility indexes are near the unchanged levels and so far have not hit the 9.5/9.75 levels I was looking at. I have not traded today except to sell some IWM as a selloff next week would not surprise me.

The chart of the SPX shows some topping as the stochastics are in a negative divergence and the 2 day RSI is well above 90. So nothing wrong with taking some off at these levels.