MOVING ON UP

Markets have turned around and are now trading higher after the SPX touched the 1467 level and very close to the 50% retracement number. The DJIA is now plus 75, NAZ +11 and SPX +6.7.

Strong sectors include metals, biotechs, utilities, oils, semis, drugs and real estate while airlines, brokers and homies lag.

Gold is very close to the important $700 level and has hit on some of the futures markets. Lower rates and lower dollar anyone?

Market internals- 800 net green on the NYSE and 545 net green on the NAZ.

OEX- 75 GREEN led by ABT EK TGT KO MRK ETR HON BUD UTX EXC WY MSFT;

LOSERS- CPB TWX SLB LTD HD ORCL SLE CSCO MO ALL BA;

NDX - 67 GREEN led by SIRI BIIB XMSR GILD CELG TLAB JOYG GENZ AMZN PDCO INFY;

LOSERS- LVLT UAUA LINTA AAPL LAMR ORCL FAST DISH COST CSCO MRVL;

DJIA - 22 WINNERS- led by KO MRK HON UTX MSFT;

LOSERS- HD MO BA AIG GM;

UP Volume now Double Down Volume.

VIX Down 3%;

Other notables:

Biotechs- higher not including AMGN- leaders- BIIB CELG GILD GENZ;

Brokers/Asset managers and Xchanges led lower by BSC ICE LM NYX TROW MER;

Gaming - led higher by WYNN LVS MGM;

Metals- screaming higher led by BHP FCX GDX GG GSS PAAS SSRI;

Oils - generally higher led by APA CAM COP DVN EPL HAL NFX PXD XTO- losers- VLO SLB PWE HP FTO;

Retail- good numbers this morning but not helping much as BBBY COST DECK GES HD KSS LTD UA all lower;

Tech- flipped to green led by AMZN BRCM EBAY INFY INTC MOT MSFT NVDA RIMM TXN;