7.09.2007

THE CLOSE


Markets closed higher although off their highest levels of the day led by metals, large caps, oils, internets, semis, trannies and airlines while homies, banks, retail, brokers, reits and drugs lagged.


Big winners included CROX PCAR AMZN EXPD SNDK INFY NVDA FDX COP CSC CVX AA TEX SIMO TBSI GME TLVT MTL NTGR SPAN AFSI HDNG and TWIN.


Big losers included BTJ WBD NVEC TTEC BIDU FLIR HURN RRST XMSR S GENZ NIHD BEAS LINTA TYC LTD TGT HPQ AEP and ORCL.


Market internals closed flat on the NYSE/NAZ/NDX/OES;


Volatility indexes a bit higher as the VIX breaks above 15 while the VXO hovers near 14.4. Both trade 5/7% below their respective 10 day SMA's.


Banks were weak all day and probably a big reason why we could not close with a rally- BAC C JPM MA MTB STT WB WFC all lower;


Also weak were drugs, with all the majors lower except JNJ;


Metals strong all day led by BHP GG PAAS SSRIL


Oils also strong with the exception of oil service where the OIH etf closed red- Higher were APC CNQ COP CVX DVN FTO HOC NFX VLO XOM and XTO;


Retail lower with the exceptions of CROX UA and WMT while TGT TIF SHLD LTD and GES gave back recent gains;


Tech also a mixed bag internets and semis higher while AAPL AKAM HPQ RIMM and TXN were lower;


The up and down volume were about equal while the TRIN closed at 1.13-


I expect more choppy trading unless the earnings news comes in far above or below consensus.


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