DRIP DRIP DRIP

Markets have drifted lower most of the day and are now at/near their lows. One of the culprits, the rise in oil which is over $83 a barrel as I type and anyone knows that as crude moves higher, equities fall (lol). The main culprit in my opinion, over bought market conditions.

Stong sectors- metals, oil service, semis, integrated oil and gaming. Weak links, homies, airlines, retail, brokers, banks and real estate/reits.

NYSE internals- 1,300 net red;

NAZ internals- 880 net red;

OEX- 30 WINNERS;

NDX -30 WINNERS;

IBD 100- 35 WINNERS;

VIX up almost 4% to the 21 level;

Key stocks- ICE NDAQ NYX NMX AMZN CSCO IBM ITC TXN APC CNQ RIG SLB TSO VLO TXT SGP CLEG BYD LVS MGM GOOG green; AAPL BAC C CME GE GS JPM MO MS MSFT MER WFC BIDU KLAC YHO TIF SHLD PVH KSS GES COST COH all red;

Other stuff:

10 year Bond selling off and yields up to 4.67%;

NYX +3.6%

GILD +2.4%

HUI +4.3%

GG+4.6%

GSS +15%

CNQ +2% (mentioned yesterday);

Real Estate/ Homies/Retail/Trannies/Airlines crushed on the rise in rates;

LTD/M -5%;

JBHT -4%;

YRCW-5%;

Two day RSI on various indexes:

SPX -55

DJIA -63

NDX -55

RUT-51

OEX-57

So getting near the middle of the range but my thoughts are to buy if/when the SPX gets near the 1500/1505 level which was solid resistance before Tuesday's big ramp.