SAME OLD

Markets are trading down on the heels of disappointing news from MSFT and some worse than expected housing news. In addition, its a Friday and we are trading near recent highs and we are overbought. Oh, and if you like brokers/xchange stocks, check the IAI, its been a terrific vehicle for one stop shopping in the sector.

Strongest sectors include airlines and banks, everything else pretty much lower. The weakest are homies, reits, silver, metals, brokers, biotechs, tech, retail, small cap value, oils and drugs.

Market internals are pretty crummy across the board with a net 900 red on NYSE and 660 red on NAZ.

The SPX is 150/350 up to down; OEX 28/72 and NDX about the same.

MSFT is leading the DJIA lower as it is responsible for about 5.5 of the 15 downside points. Ten of the DJIA are up and 20 down.

Key stocks all lower except for GOOG which was upgrades is trading +$3.5.

Cramer out with more great writings this morning on why the markets now are a buy. Here are the "salient" quotes:

"Another amazing week. Another week where it just seems that everything is falling into place.

Yet all I hear is caution. I keep getting the feeling from people that this market is simply too hot and overvalued, given the fundamentals.

I don't see it that way. It is confusing to people, for certain, that bad companies rally on bad news. The homebuilders are still strong despite nothing to make them strong. The tech companies that reported OK news are now nicely higher.

Still, when Microsoft (MSFT) said negative things last night, it was like the roof caved in. I got a dozen negative emails instantly.

It was a sign that underneath, lurking, is the bear inside of us who doesn't want to believe and wants to get out now but just feels dragged along.

Of course, that's the key to this whole move:

The non-believers keep jumping off, and there are many more non-believers than believers.
Which is why we are not done going up! "

I continue to marvel at how he loves to buy high and sell low. And he doesn't mention how he is the guy who was afraid when we were 200 DJIA points lower.