NOON LOOK

Markets continue to act "funky" with many cross currents causing some odd statistics. The DJIA is +30, NAZ +12.5 and SPX +4.

I call it funky because the markets are up led by NAZ and small caps with banks and brokers mainly lower. That does not bode well IMVHO even though the internals are pretty good. Tech acts pretty well led by GOOG AAPL BIDU MSFT INTC and TXN. So more selling may occur today but I think it looks pretty good for next week.

Strong sectors include software, oils, metals, defense, tech and small cap growth. Leading lower are gaming, homies, airlines, brokers, banks, retail and drugs.

Strong stocks include ORCL GOOG NSM KO NSM CBS ATI PDCO BEAS MICC INFY ATVI RIMM PTI MTL NILE SNHY VIP and CMG.

Weak sisters include TBSI PTNR PCR RRRST VOLV CELG HD SO EXC AEP MER WYNN JNPR ROST GRMN QCOM and AMZN.

Market internals are strong but well off their best levels. The NYSE has 965 net green and the NAZ about 540 to the green.

The OEX /NDX both have about 7 shares up for each 3 lower.

Trading Markets has another article up relating to the 2 day RSI trading method with their stats. Anyone who may be interested can track these stocks as buys with 2 day RSI readings less than 2:

MRVL SNDK WB CLB and a slew of utility companies.

Stocks with 2 day RSI readings over 98 include:

EMC TGT PDCO XMSR MW LIZ RX SLM KMI and SIRI.