MIDDAY RAMP

Looks like the buy the morning dip call turned out ok as we are over 13K again. The DJIA is +60, NAZ +12 and SPX +7.5. The midcaps have caught up but the RUT is still under performing.

Strong sectors include oils, trannies, internets, silver stocks, EWA, tech, retail, defense, utilities and large cap value; leading lower are airlines, gaming and real estate.

Brokers and xchanges are mixed with GS and MS a bit higher while ICE CME and BOT are all lower. Large and small cap Value is beating Growth yet again despite the cheer leading by market strategists. I suppose this will change but its not happening today.

Big winners include AA BHI BDK EP COF SLB CVX HIG AMZN CHRW EXPD GRMN TLAB DISCA SIRI and RIMM.

Downers include SUNW CKFR UAUA MNST PCAR MRVL ATI BUD GD BNI LEH MMM SLE and UTX.

The IBD 100 shows 2 up to every 1 down with DXPE BTJ MTOX SCHN CLB IMKTA HWCC and DWSN up while EML PNSN UCTT SYNL JST HURN and GES are lower.

Market internals are bullish overall with the NYSE net 970 green and the NAZ net 430 higher.

The OEX remains the strongest with 75 up and 25 down while the NDX is about 3/2 up to down.

The OIH looks to be breaking higher as it trades near $156 as the $150 mark has proven to be a good support number (prior resistance).

Yesterday I bought more EWA and that is working and today I bought some FCX / BIIB sold IBN / SYK.