OPENING THOUGHTS

Markets open higher but are off their best levels as rude crude continues to be a headwind at the new all time record highs in the $92 area. The 20 day SMA of the SPX also looks to be a point of resistance, the 1,540 area. Gold also hitting new 27 year highs at the $770 area.

Strongest sectors include metals, emerging markets, oils, brokers, homies and banks while airlines, trannies, semis and drugs lag. Why would semis continue to underperform with such great news out of MSFT?

Key stocks - 32 out of 40 higher with DECK MSFT MER BIDU MTW UA MA the best of the bunch and KLAC VMW BG NYX CME CAT SMH MO the worst.

NYSE internals- 1,450 net green;

NAZ internals - 925 net green;

NDX - eh 60 WINNERS;

OEX -80 WINNERS;

IBD 100-80 WINNERS;

Biggest winners- VIP FLIR EJ FTK HDB BIDU MSFT MER DELL MS COF LEH NIHD JOYG DELL NTAP FLEX YHOO NVDA EBAYMOS MA FCX;

Biggest losers- WCG VSEA PCP STP EDU HURN VMW CPLA BHI CI NSM DIS GM CMCSA RTN WY BEAS UAUA SYMC KLAC LRCX IACI;

VIX down about 3% and still above the 10 day SMA;

I suspect that pull backs will be bought today and anyone who wishes to day trade - buy em- also I suspect the markets will continue higher next week as under invested folks decide to get on in as earnings season will be almost over and the seasonally strong final two months of the year gets real close.

Also interesting how some folks think earnings season has been under whelming and others think it went pretty well. My take- pretty good and better than expected except for the usual suspects.