AFTERNOON TALK

Looks like the markets have finally woke up to the fact that they were way over sold and due for a bounce. the SPX Futures were about 12 below fair value this morning and now trade +3 so a nice 15 point rally off the after market lows despite the Mark Haines logic.

The best performing major index is the NDX led by semis, tech and biotech while the DJIA is still flirting with green.

Other strong sectors include silvers, oils, utilities, homies, reits, retail and small caps; laggards include gaming and defense.

Market internals have flipped to green on the NYSE/NAZ with about 800 net winners while the OEX/NDX shows about 3 up to every 2 down.

Volatility indexes cratering about 10% and now trade about 10% above their 10 day SMA's.

Low 2 day RSI numbers found on the following equities:

S AMGN SHLD AIG CAT AMGN GE AA MS SYNL TEX TSO RIMM MT and VLO.

I picked at some MS and am way long in my portfolio.