THE CLOSE

Markets closed off their best levels but still up about .55% on the DJIA and the NAZ, .6% on the SPX and 1.34% on the RUT which seems to be playing a quick game of catch up.

Sector strength in real estate, oil service, metals, utils, airlines, drugs and semis and weakness in homies, gaming, trannies and retail.

NYSE and NAZ internals both with 1k more winners than losers;

OEX - 75 GREEN

NDX- 60 GREEN

IBD 100 - 70 GREEN;

WINNERS- GMCR TKC GLNG MR VDSI TRAK NVT CNH PKX DWSN DELL GS GOOG EXC CSC ETR SLB SLE HON BAX UAUA SEPR DISCA NIHD PCAR DELL GOOG ADSK FISV;

LOSERS- XMSR SIRI MRVL CMCSA MICC LINTA FLEX JNPR ROST WYNN NVDA NXY MS BNI TGT BDK FDX NSC GM MSFT NSC TWX EMC SNDA CNQ FTO BCSI DSX LFC TBSI GPOR FSTR PCP WNR;

VIX- down 1% and about 18% below the 10 day SMA;

Two day RSI numbers on major indexes:

SPX -94

DJIA 96

OEX 93

NDX 88

RUT 93

MDY 91

QQQQ 88

Other stuff:

CNH +4%

MTW +4.7%

MA +2.6%

GS +2.7%

LM +3.2%

BHP +3.5%

COH +4.5%

M +3.3%

GOOG +2.3%

BSC -3%

ICE-3%

NYX -2.2%

LVS -3%

WYNN -1.5%

CMCSK -2.7%

LUK -3%

CNQ -5.6%

FTO -4.6%

SU-4.7%

OK, overbought and into sell territory on most. My take, Buy the dips as I expect we will be trading above the mid July highs before too long.