THE DIP

Markets have sold off a bit as some traders believe this rally is for selling. My guess is the dip is for buying as the internals continue fairly strong despite the red number on the NDX and the ugly tech/broker space.

Market internals on the NYSE continue strong at +1,400 and +355 on the NAZ; the OEX/NDX - still pretty bullish with 65 up and 35 down and the IBD 100, the best of the bunch with more than 70 in the green.

Other stuff:

Banks are strong led by AIB C JPM STT USB;

Brokers generally red with MER MS NMX TROW BEN - the exceptions;

Consumer non durables- strong led by DEO and MO;

Gaming green led by MGM and LVS;

Healthcare generally red led lower by DGX LLYMRK PFE WLP;

Media- DJ up 11% as the deal looks to get finalized tonite as no one knew nothing yesterday;

Metal stocks strong led by BHP FCX GDX PAAS SSRI;

Oils green with the exceptions of XOM VLO TSO RIG and CVX; - VLO beat the number this AM and announced they will buy back another $2b of stock this year;

Tech - ugly led lower by SMH HHH AAPL AKAM AMZN BRCM IBM RIMM SNDK TXN and YHOO; EBAY GOOG NVDA barely green;

Up volume 451 Down volume 247 and the TRIN back to 1.3 as the volume heads back to the losers;