9.06.2007

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;

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