THE CLOSE

Another day and another rejection at SPX 1,528 as the markets trade up to that level and can't seem to get through. My guess is we will get through eventually and it probably won't take 7 years and change to do it.

The DJIA closed +2.5, the NAZ +10 and the SPX flat- the RUT another record as it closes up .75%, the big winner on the day.

The oils were sold most of the day and some of those stocks may be ripe for buying as I doubt many of those E and P companies stay independent for long. Who? DVN APA APC PXD XTO RRC BRY. There are probably worse guys to invest side by side with than Scott Black.

Strongest sectors included gaming, airlines, homies, real estate, small caps, biotechs, semis and small cap value; laggards were metals, oils, defense, retail, utilities, large caps and utilities.

Big winners included MGM WYNN LVS TBSI CPLA RIMM CYNO UEIC BUD XRX DELL INTC TYC CTXS LVLT and UAUA.

Big losers were MNST SPLS DISH NIHD SNDK HON ATI EP AEP BNI GD ABT SNHY GSOL MTL EOC CLB LFL and STLD.

Market internals were all over the board with the NYSE closing green by 220 and the NAZ green by over 800.

The big cap indexes, not so good with the OEX closing with 40 out of 100 green and the NDX with an even amount of winners and losers. The SPX also about flat between winners and losers.

Volatility indexes closed lower with the VIX now trading at the 13 level and the VXO at 12.4. Both about 5% under their 10 day SMA's.

In addition to the overhead resistance at 1,528 on the SPX, the long bond closed at a rate 4.831% and may have caused some of the sell off as fixed income provides a little alternative to overbought stocks at these levels.

I have also mentioned quite a few times that these levels may be sell areas for some and a pullback here would not be a complete surprise. But the dip is for buying as we eventually get there and probably bust through with some pretty good momentum.