THE CLOSE

The chart above (about 140 points straight up) needs few words as yet again the "buy the dip" crowd coins the money and the shorts get clobbered as the Fed market indecision leads to another closing high on the DJIA. The SPX is only about 15 away from its closing high and about 44 off the all time high.

Sector leaders included semis, emerging markets, real estate, the Aussie etf, small caps, internets, banks and small cap growth. The worst groups were silver, gold, biotech, drugs and trannies.

Higher stocks included SLG JPM MA MER GS LEH BSC NYX ICE BOT CAM VLO GE KLAC RIMM INTC MSFT AAPL GOOG PFE AMGN SAY INFY VSL AMZN and EBAY.

Lower were BAM AIB CME NMX FLA BUD MO FTO XTO MRK SGP DNA SYK LVS WYNN and CTSH.

IBD 100 winners included SNHY TNH GES RIMM GROW VCLK WFR LFL RIO AQNT and SSYS while PCLN MTOX GSOL ROCM and MFW were lower.

Market internals climbed back to green on both the NYSE and NAZ with +870 on the big board and +260 on the NAZ.

The OEX closed with about 2 up to each stock down while the NDX was about 3/2 green to red while the SPX was a bit better at 350/150.

I still hold the NQ/ES futures and anticipate waiting it out until the SPX challenges the closing high at 1527. Probably only a few days away and bottom line- there is demand for equities and that trumps earnings, technicals etc etc. It continues to be a buy the dip market.