5.21.2007

SELL MORTIMER SELL


We had the second run into the 1,527 level on the SPX and it was tagged and sold and tomorrow just may bring Turnaround Tuesday. The DJIA lagged while the RUT and the MIDs out performed as they did on Friday.


Strongest sectors inlcuded internets, homies, oils, small caps, metals, biotechs, and brokers while airlines, drugs, consumers, trannies and retail lagged.


Market internals were much better than the indexes as the NYSE closed with 630 net winners and the NAZ with 1,000 net green.


The NDX internals were very strong with 7 up for every 3 down while the OEX was evenly split between winners and losers.


Volatility indexes closed mixed with the VIX up to about 13.2 and the VXO flat at 12.4.


I am still long NQ YM and ES futures and expect (hope) to add when/if the market dips.


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