CLOSER BUT NARROWER

CNBC et al can squawk all they want about the new all time highs on the DJIA, but the rally is narrowing. Witness the NAZ internals - on a day when the DJIA is +104 and the SPX +13 the NAZ internals close with 1,800 higher and 1,235 lower, hardly great breadth as one would expect at least 2/1 up to down.

The SPX is again just 13 points from the all time closing high and the NAZ about 2,500 points away. I still plan on holding the SPX futures until the target gets tagged- hopefully soon.

Strong sectors included large cap growth, banks, airlines, trannies, gaming, tech, biotech, drugs and software; lower were silvers, metals, real estate and semis.

Key stocks higher of course with the exception of RWX FCE.A SLG BAM LEH BSC CME BOT CAM KLAC TXN AAPL LTD TGT CTSH and EBAY.

Big winners included GS NYX NMX MER MS MA WFC JPM C IBN WYNN BYD MGM BIIB SYK GILD SGP TXT AMZN and YHOO.

IBD 100 winners included CPA TNH SIMO IDSA NTGR ESI and IGLD. Losers- BID USAP RRST FTK TTEC SYNL TSO and PRFT. IBD 100 also with sub par breadth at 3/2 up to down.

As previously mentioned, market internals not so great as the NYSE closes with 840 net green and the NAZ with 530.

The internals on the big indexes much better as the OEX/NDX were both 3/1 up to down while the SPX was 360/140.

Volatility indexes drifted down about 4/5% and the VIX/VXO now trade near the 13.5 level or at/near their respective 10 day SMA's.