MIDDAY MUSINGS
Markets continue higher with the DJIA +96, NAZ +34 and SPX +14.5.
Best sectors continue to be silvers, gaming, Australia, metals, emerging markets, real estate/reits, brokers, small caps/value, tech and oil. The worst are biotech, banks and drugs.
Market internals continue very bullish with about 3,800 net green on the NYSE and NAZ and about 9/1 green to red on the OEX/NDX. The SPX also 9/1 with about 50 red stocks out of 500.
The DJIA with 5 red including PG JNJ HD MMM and AIG.
The IBD 100 MOMO group with 95 up and 5 down.
Strongest stocks include BTJ HURC WFR HRT HMIN MIR NVDA DISCA CTSH INFY XMSR SIRI and NIHD while LINTA CHKP EXPE BBBY CHRW SPLS BMET MNST F CL BAX and ABT are the reddest of the big caps.
Fear is rapidly leaving the markets as the VIX/VXO combo is down 15% and trading only about 15% above their 10 day SMA's.
I bought the Scooter Libby dip in the YM and will probably look to sell the next burst up or high TICK reading as I suspect we trade in a narrow range for the rest of the week as the markets calm down.
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