NOON LOOK

Markets continue to trade higher led by oils and metals; hardly what a typical market bull would want to see (lol).

Other strong sectors include silvers, trannies, airlines, semis, biotech and small caps; lower are reits, drugs and gaming.

Big green include ATVI AMLN AKAM INFY MICC JOYG GRMN EK GM HAL SLB ATI BHI XOM COP UPS ACH CLRK CNH BID SYNL PTNR FCSX and BTJ.

Big red- ESI ARO FTK BWLD DXPE CYNO GSOL GS GOOG CSC CL MRK ADSK SYMC RYAAY WYNN and ROST.

Market internal still strong but off the best levels of the day as NYSE is +1,060 and NAZ is +700.

The OEX is 70/30 green to red while the NDX is about 80/20.

VIX/VXO way lower as they trade down 6% and 11% respectively and both about 5% below their 10 day SMA's.

Crude oil continues to trade higher and now is almost at the $68 level. I have sold some oils and sold calls against my OIH. Buy lower sell higher and now the oils are higher and in over bought territory.

Also bought some GS as that falls into the buy lower bin.

The NDX is starting to lag as it hit its highs earlier in the day and is starting to lag the other indexes.

And one stock that hasn't been mentioned in quite some time is INTC; which is now about a dime off its 52 week high. No doubt our guy Jimmy will be touting it once it goes a bit higher (currently a 2 day RSI 98).

Stocks that are overbought as I type:

MCHP 96

LBTYA 97

GENZ 99

DISCA 96

MRVL 96

AMGN 96

LEH 97

And how about this for a sell signal- no stocks on the OEX/NDX are selling with 2 day RSI's below 7.

Major index 2 day RSI's in the 80 area so trail those stops and maybe even take some off the table.