EWA AWAY

Markets closed near their highs but could not get much upside action as the 1,440 number on the SPX continues to be major resistance.

Metals, silver stocks, semis, drugs and biotechs led this day while real estate, homies, airlines, utilities and small cap value trailed. Note also that the small caps and midcaps underperformed the bigger brethren for the first time in quite a while.

Market internals were fairly flat all day with the NYSE a bit better than the NAZ and the NDX with better internals than either the SPX or OEX.

Most of the banks and brokers were red through out the day and gave the signal that today would not provide much upside action.

Of course the EWA made another new high today and continues to be one of the top performing ETF's anywhere with a year to date gain of almost 14%. I suggest that anyone who doesn't have exposure - buy the next dip.