THE OPEN

Markets open higher yet again and are trading at a new all time highs for the RUT/MID/DJIA group.

Strong sectors include brokers, metals, semis, trannies, airlines, small cap growth, defense and mid caps. Weakest are oils and biotech.

Key stocks mainly green with BOT CME MER MS BSC MA PVH KSS AAPL BIDU GOOG AMGN and FDX.

Lower are NDAQ NMX C MSFT CLX and DNA.

Market internals are strong yet again with the NYSE at +1,500 and the NAZ at +700.

The rate on the 10 year Bond is also creeping higher as it now trades over 4.9%. So be on the lookout for a stocks to bond switch as one continues to make new highs while the other continues to sell off.

The broker index is reaching all time highs while the BKX banking index thanks to C and BAC is about flat on the year while the DJIA is up over 9%.

I am a bit leery of the rally and expect a little sell off as the traders may decide to pocket the gains and take a long week end.