NOON CLUES

After opening lower, the markets, led by mid and small caps flipped the switch and entered into green territory about 90 minutes into the days trade.

Leading the way higher, airlines, retail, internets, gaming, small cap value, homies, brokers, banks, defense, techs and reits. Lower are oils, metals, drugs and biotechs.

Market internals have also flipped to green with about 500 net winners on the NYSE and 650 net green on the NAZ.

SPX with 310/190 up to down; NDX 75/25 and the usual OEX lagging with about 53 up to 47 down.

Key stocks finds most in the green with ICE RIMM BIDU NYX AAPL acting best. In the red are BOT CME and MA. The brokers and banks were flat to green from the get go and gave a pretty good signal that the markets may have a little upside jig before the day was done.

Leading the OEX lower are SLB MEDI COP CVX GM BMY AXP XOM MMM PFE and BHI.

I still have my DO NOT SHORT button firmly in place but selling some longs (trailing stops) at these levels is probably appropriate.