NOON SNOOZE

Markets continue to trade higher led by the NDX which is up over 1.4% as I type while the large cap indexes are higher by less than half that amount. RUT/MIDs bringing up the rear as they are higher by about .2%. Small cap value in the red yet again.

And a 52 week high on the NDX as I type so congrats to the markets after 6.5 long years.

Strong sectors include China, airlines, emerging markets, metals, oil service and trannies while semis, homies and retail bring up the rear.

Key stocks - 28 out of 40 in the green led by BIDU AMZN RIMM AAPL ISRG BG NYX UA and GRMN while TIF DECK SMH KLAC MER COST NVDA INTC and C lag.

NYSE internals +585;

NAZ internals FLAT;

NDX -45 GREEN;

OEX -60 GREEN;

WINNERS- BNI SLB F NSC GOOG AMGN EMC MRK HAL T MICC APOL AMZN UAUA AKAM NTAP TLAB;

LOSERS- LVLT BEAS ROST IACI SNDK VMED SPLS CHRW KLAC LRCX TXN BDK WMT NSM ALL BMY MER WB COF;

VIX down 5% and still over bought;

Up volume almost double Down volume and TRIN at 1.03;

57 New highs and 56 new lows on NYSE;

100 New highs and 168 new lows on NAZ;

Two day RSI numbers near the mid point at 50 except for the NDX which is near 80;

Markets are defining the usual trading rules as the NQ Futures are up 34 points despite crummy action in semis and financials. BEN TROW also going in the opposite direction of other financials as they make a run at 52 week highs.

Other stuff:

Ags- gaining traction led by AG BG CNH DE MON MTW;

Biotech green led by AMGN CELG GENZ;

Gaming- green as usual;

Healthcare - all green as SGP reverses course from yesterday- AZN LLY MRK also act well;

Metals also a turnaround from yesterday as HUI and XAU both up over 2%;

Retail- generally lower led down by COH COST DECK GES TIF WMT;

Tech mixed as AAPL AKAM AMZN GOOG HPQ IBM INFY RIMM YHOO all very green while semis suffer;