OPENING PUSH

Markets open higher and DJIA 14k was tagged. Markets are being led by semis, airlines, banks, oil service, mid caps and utilities; lagging are retail drugs, biotechs and gaming.

Big winners include LRCX AMAT XLNX KLAC NVLS AXP DOW MSFT DD AVP DRYS FCSX OPY VCLK TSP and TBSI.

Big losers- MTOX BTJ WFR FTK WNR CLB NILE RF AMGN VZ WMT VRSN SEPR ERIC MICC ATVI and CTSH.

Market internals are positive but have come way off their best levels as the NYSE shows a net 480 to the green while the NAZ is 360 net green.

The NDX shows 55 winners to 45 losers while the OEX is much stronger at 65/35.

Up and down volume about equal and the TRIN over 1 after 4 consecutive days of closing readings under 1 (bearish).

Volatility indexes are flat and continue to hover just above the 15 levels.

Lots of excitement on bubblevision about DJIA 14K, but I see some crummy action as the internals drop off quickly and the brokers quickly turning red on the heels of great numbers from MER which has now turned red.

Retail continues to trade ugly with XRT CROX CVS GES SHLD TGT WMT PVH TIF all red;

Semis trade great yet again while other tech areas have difficulties including AAPL AKAM CTSH EBAY HPQ MOT and TXN. MSFT AMAT KLAC NVDA RIMM SNDK all act well.

Oils started the day strong but the refiners have all turned red led lower by VLO HOC TSO HOC and FTO;

Oil service is ok with CAM HAL RIS SLB all green;

Bottom line, the markets are over bought and I am anticipating a pull back here as euphoria seems to be everywhere.