TIGHT RANGE

Markets closed a bit higher on the heels of very boring testimony on the Hill from Big Ben. The DJIA was +24, NAZ +9 and SPX +1.5.

The midcaps continue to be the story of 2007 as the index is now plus 6.6% compared to about 2.5% for the DJIA and SPX.

Another small range day with the SPX varying a whole 4.5 points and the DJIA about 50 points. The usual range is about double today's action.

Strongest sectors were metals, semis, reits, homies, defense, tech, internets and gaming. Lagging were oil service, oils, utilities, trannies, drugs and large cap value.

Biggest winners included CAT BA UTX MEDI BUD and DELL with BHI COP EXC NSC SLB CVX among the big losers.

Market internals were ok on the NYSE with about 600 more winners than losers but flat on the NAZ.

The OEX/NDX both had a few more winners than losers while the SPX had about 3/2 up to down.

Most of the broker/exchange stocks were lower with the exception of ICE and MS, while AAPL and GOOG continue to trade heavy.

Volatility indexes did very little and are again finding a home in the "10" area.

I suspect tomorrow will bring another tight range day with probably more of a downward bias. I am however still keeping that "short" button on the computer on the ineligible list. And what happened to all the pundits who warned that February was a crummy month for the markets?