THE OPEN

Markets open higher as rates hover near the 5% level making equities less expensive on a relative basis. Markets also seem to be getting some jig from AAPL which is up over $3.5 after a little sell off yesterday.

Strong sectors include airlines, trannies, brokers, banks, tech, oils and utilities; laggards include metals, biotech, retail and small cap value.

Winners include AAPL MRVL JNPR UAUA AVP ROK VZ IBM MS ACH RRST INWK BTJ CRDN TBSI and CRDN.

Losers include WFR TLVT SPEC RIMM F CAT KFT ADSK SNDK XMSR MICC TWX and GM.

Market internals are flat on the NAZ and about 900 net green on the NYSE.

The NDX also shows flat internals while the OEX shows about 7 up to every 3 lower.

Markets are currently in overbought territory with the 2 day RSI readings on most major indexes above 90. The NDX and RUT Value both sit at 97 so trail the stops or start scaling out as who knows what July 4 may bring.