JUST RELAX

Another day and almost another record on the DJIA- and how about the RUT- CNBC finally on the RUT bandwagon as they comment its at a new all time high- Well shazam the RUT/IWM are both trading in the red as it is a DJIA/SPX/OEX green only day as I type.

The DJIA is at/near an all time high led by KO JNJ HD AIG and CAT and I don't believe any of them are at new highs.

Strong sectors include real estate, homies, retail, utilities, drugs, biotechs and large cap growth. Weak links include AAPL, brokers, semis, gaming, oil service and trannies.

Market internals are trading about as neutral as they get with a net green by 130 on the NYSE and net red by 250 on the NAZ.

The SPX about 290/210; the OEX 65/35 and NDX a hair better than 50/50.

Big cap winners - VRTX SHLD COST NVDA BDK AES EMC HD and PEP.

Big cap losers- WY BNI ATI NSC F EP TWX CCU NSM TYC and DOW.

I don't have a warm feeling about today's trade and I am taking some longs off the table as I expect lower prices into the afternoon and very little upward momentum for the rest of the week. Besides, the 2 day RSI on the SPX has climbed back to 96 and the VIX/VXO combo are near the 10% under the 10 day SMA number so maybe I will just relax the rest of the week.