6.29.2007

AFTERNOON SWOON


Markets are taking their clues from the brokers and have flipped to red as GS is -3, BSC -4, MER -2.75 and MS -1.


Not mentioned in the media but also stinking up the board are the banks led lower by C JPM and MTB.


Strong sectors include oils, metals, gaming, utils, defense and small cap growth; leading lower brokers, homies, biotech, banks, airlines and trannies.


Market internals still 400 to the green on the NYSE and 100 red on the NAZ.


The OEX/NDX have flipped to red with 25 winners on the NDX and 40 green on the OEX.


Winners include AA COP BA RIMM APOL MRVL AAPL WBD PCLN FMCN DRYS BIDU FCSX EDU PCR BTJ and TBSI.


Losers- IDSA CAI SYNL MER LEH S MRK GS NTAP FLEX GENZ CTSH NIHD MICC and GILD.


The IBD 100 holds in well with 65 green and 35 red.


Probably higher prices next week as sub prime/broker issues head to the back burner and maybe even a 10 year bond rate under 5%.

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