AFTERNOON RAMP

Markets trade at/near their highs led by large caps/large cap value with the RUT being the under performing major market index.

Strongest sectors include brokers, metals, reits, retail, homies and oils while airlines, drugs and small caps lag.

Market internals continue to be very strong with a net 2300 winners on the NYSE and about 1200 net green on the NAZ.

OEX - 94 WINNERS led by ATI MS GS BNI HD TGT LEH SLB MER and CMCSA; LOSERS- EK DELL S VZ CSC AEP;

NDX -86 WINNERS- NVDA INFY NIHD ERIC PCAR LOGI RIMM LOW LBTYA MICC; LOSERS- AKAM BIIB NTAP DELL KLAC S;

IBD 100- 87 WINNERS- EXM ACH CF DRYS GES MA NOV MTL RIO SYNA- LOSERS- VIP CMED SPSS SNDA HMSY AIRM DWSN BTJ;

VIX down about 8% and trading at/near 4% below the 10 day SMA.

Markets are trading just under recent resistance with the SPX at 1477 and the NDX at 1986. I haven't made a decision yet whether to sell all my futures into an afternoon ramp (if and when) but I probably will trim it a bit. Also note the 2 day RSI approaching 80 as we attempt a run at the down trending 50 day SMA on the SPX.