CLOSING HIGHS

Jack Albin of wherever comes on Bubblevision earlier today and gives us the trade of the day- short IWM / long OEX- well not so great as the small caps outperform yet again +.96% vs +1.44%. My guess is that if you asked him he would have given you the same trade three years ago. Big Caps will outperform. And isn't it nice to see a smiley happy Bob Pisani.

Markets as predicted closed at/near the highs and strong sectors included brokers, banks, non US real estate, internets, homies, small caps, trannies and small cap value. The only sector in the red on my screens- gaming. Also in the red GE and MO.

Winners - GS FLA TRC BAM DEL C JPM WFC AIB IAI MER LEH BSC and CME.

Losers- MGM BA XMSR VLO SWN AA TWX CL WYNN DNA.

Market internals closed very bullish with more than 1,480 net green on the NYSE and more than 1,300 net green on the NAZ.

The OEX closed with 9/1 up/down while the NDX was 8.5/1.5.

Markets are overbought again so my suggestion is to trail the stops and watch closely as I suspect a bad earnings report or two could put a quick end to the rally now that we have come all the way back to the pre meltdown highs of Feb.

And thank goodness AROD isn't making the errors DJ is making- they would run him out of town. Oh wait - he leads the majors in Home runs- and is batting 360 - maybe not.