MIDDAY CHECK

Markets continue higher with big gains coming in the broker group with GS MER MS LEH BSC all up near 4% while the BKX, which has been lagging of late is up over 2% with big gains in C JPM and WFC (what subprime woes?). And for what its worth, the DJIA usually tops out at 150 points to the upside and the SPX about 15 to the upside on any particular day.

Other strong sectors include internets, retail, airlines, homies, small cap value, trannies, small caps and defense. Weak links include integrated oils and real estate.

Big winners include LEH GS MER BNI MEDI BHI MS APOL AMZN AMLN ROST CKFR CUTR EDU MTOX EVEP CTCDM and ROCM.

Losers- HRT GEF SIMO GROW CCU CL RF HPQ HNZ BA VRTX XMSR BEAS ALTR SNDK and ESRX.

Market internals continue to act well with a net 1,500 green on the NYSE and 1,260 net green on the NAZ.

The OEX is about 9/1 green while the NDX not quite as good at about 8/1. The SPX about 4/1 up to down.

Volatility indexes back down with the VIX/VXO near the 11.5 level and both about 10% below their respective 10 day SMA's. The 2 day RSI on SPX/DJIA also in overbought territory near the 95 level. So the short answer is - trail stops on winners as this rally may run out of gas over the next day or two.