W TO THE RESCUE

George W. Bush, the Democratic President from Texas gives the markets a lift as he attempts to "bail out" some sub prime borrowers/lenders. The markets like it and it also appears to have taken some pressure off Big Ben who may not now have to be so accommodating with an ease.

Strong sectors include metals, homies, brokers, oils, banks, reits and retail while tech, biotch and gaming lag.

Market internals very strong with 2375 net winners on the NYSE and 1475 net winners on the NAZ.

OEX- 97 WINNERS led by TGT LEH ATI RTN MER MS NXY GS COF WB; LOSERS- AVP HET PG;

NDX 87 WINNERS- led by RIMM NVDA GRMN ERIC MCHP PCAP AAPL NIHD BRCM; LOSERS- KLAC NTAP BIIB XRAY AMLN PDCO CKFR CDWC CELG CHKP;

IBD 100- 95 WINNERS- ACH MTL NOV FTK PCR TBSI ARGN CF GES; LOSERS- AIRM TKC ZUMZ SPSS CPLA;

VIX/VXO down about 6% and under the 10 day SMA.

The SPX is up about 15 as I type at 1473 and resistance appears to be near the 1480 level with the 50 day SMA at 1488 and 61.8 FIB level at 1485. The NDX at 1984 with resistance above at 1995/2000 and the 50 day SMA with support below at 1960. Overall, the markets seem to be in pretty good shape and ready to run to resistance where I bet the sellers and shorts will happily come in and top out the market in the short term.