MIDDAY VIEW

Another boring day on the street as the DJIA is +29, NAZ -2 and SPX +2.

Drugs, biotechs, gaming, silvers, metals, internets, banks and large cap value are the strongest areas while tech, semis, real estate, trannies, homies and airlines are bringing up the rear.

Market internals on the NYSE/NAZ/OEX remain flat while the OEX has 50/50 up to down while the tech heavy NDX has about 40/60 up to down. The SPX internals are also flattish

The 2 day RSI on both the SPX/DJIA sitting near the 75 area while the volatility indexes are about 6 or 7 % below their respective 10 day SMA's.

I don't like to go against the simple trading rules but I am thinking again that if earnings and guidance are "decent" next week we may see a ramp higher in equity prices and new highs on the DJIA. Please note that we are about 200 points away from the old high on the DJIA and 12 away from the 6 year high on the SPX hit back in February.