8.07.2007

THE CLOSE


Don't like the prices on the screen, give it a minute or 2 they will change - significantly.


Markets closed higher with the RUT/MID and large cap value being the best performers of the day.


Strongest sectors included gaming, homies, brokers, oil service and utilities while semis, software, airlines, metals and tech lagged.


Winners included LEH LTD AEP BHI SO GM ABT AA XOM GS WYNN VRTX EXPD NTAP ROST XMSR GRMN JOYG EBAY ADSK GMCR NILE MR CMG TLVT GES BTJ ARD TBSI.


Losers included PETM TLAB BEAS QCOM DISH CDNS INTU ATVI GENZ BRCM ORCL SYMC LVLT XRX AVP GD AES ORCL EMC HD BA CPB BAX RTN CYNO HURN UEIC TRAK OPY CHE KCI.


Market internals closed bullish with 475 net winners on the NYSE and 420 net winners on the NAZ.


The NDX/OEX both closed with better internals at 2/1 ups to downs.


Volatility indexes down about 6% and low and behold the VIX/VXO combo are now oversold and trading about 5% below their respective 10 day SMA's. Also, most of the major indexes now trading with 2 day RSI levels at/near the 70 level.


My guess, as long as brokers, banks and oils continue to trade up the markets will probably continue to move higher.

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