MIDDAY BOOYAH

Markets seem to be on a straight up trajectory and closing at/near the highs of the day would not be much of a surprise. The strongest index continues to be the RUT, up nearly 2% after lagging for all of 2007. Reversion to the mean?

Strongest sectors include emerging markets, homies, brokers, semis, small caps, banks, gaming, metals and reits. Laggards include oils, biotech and consumers.

NYSE internals +1555;

NAZ internals +1150;

NDX 85 WINNERS;

OEX 90 WINNERS;

Key stocks trading higher include AAPL AMZN BAC BAM C CELG CME COST GE GOOG GS IBB ICE ISRG JPM LVS MA MGM MO MS MER NYX POT RIMM UA WFC XOM;

Red include BG BIDU CROX SNY DNA and thats about it as this is a broad based rally with the DJIA near 14,050.

BIGGEST WINNERS- MER CSC LEH CI USB ATI RF COF AES C LWAY GLNG CYNO CRNT DSX EXM HMSY FLIR PKX LAYN LRCX WYNN ERTS INFY KLAC NVDA MNST XLNX CTAS LINTA;

BIGGEST LOSERS- GRMN ESRX MXIM MRVL LAMR AMLN CTXS NTAP ADSK WFMI EDU DWSN NVT FTI BIDU WHQ WMS HDNG SNDA PCLN F GM COP CBS LTD AA BDK CPB BUD T CCU CSCO;

MGM up 3+ and hopefully playing catch up to WYNN/LVS as those two stocks have been monsters over the last few months. Brokers also acting very well as GS is up over $220 after dipping under the $160 mark not to long ago. I believe that was when Pisani mentioned the fabu trade of long tech and short financials. Hopefully they took that one off a while ago. CME BSC MER also acting very well in the group and MER is way down on the year and there may be a reversion to the mean trade with that equity also.

Two day RSI numbers on major indexes:

SPX 87

DJIA 94

RUT 78

NDX 90

COMPQ 89

Markets are due for a rest as they have a had a nice rally but that is probably tomorrows business as markets that are strong all day tend to close at/near the highs.