CLOSING RIP

Markets rallied in the PM on the heels of a percieved change in the Fed bias away from tightening.

Sector leaders included silver stocks, brokers, emerging markets, airlines, software, metals, homies, biotech, semis, banks and internets.

Market internals screamed green with the NYSE +2,130 and the NAZ +1,465.

The OEX/NDX indexes closed with 95 higher and 5 lower while the SPX was 465 green and 35 red.

Strong stocks - MS MEDI MER ORCL GS NVDA ADBE ERIC LOGI LINTA and SNDK.

The losers included CTAS INTU BRCM ESRX XMSR WFMI FDX AA TWX HET and HAL.

The real big losers on the day, the VIX/VXO tandem, each sinking to 20% below their respective 10 day SMA's. Yes, that is a big sell signal- along with the 2 day RSI on the SPX/DJIA/RUT complex at 95+.

I mentioned last week before the quick trip that a buying opportunity was at hand when the VIX/VXO combo spiked 30%. I let some longs go today and it may be early, but the name of the game is to make money, not call exact tops and bottoms.