THE CLOSE

There it was - another pre market gap up on good news from Ben and Hank and sold it was. Did I mention resistance above and it was Friday?

Anyhow, the DJIA closed up about 75 after being up double that in the pre markets, NDX -13 after the pre market futures were up 20+ and the SPX closed up 12 after futures were higher by more than 20.

Strong sectors- homies, airlines, banks, real estate, trannies, retail and brokers while metals, semis and tech lagged.

Key stocks- 24 out of 40 green led by MER MTW BAC C POT UA MS MO ISRG and GRMN while RIMM TIF NVDA CELG ICE AAPL BG and KLAC tanked.

NYSE 1150 net green;

NAZ 320 net green;

NDX 50 WINNERS;

OEX 70 WINNERS;

IBD 100- 55 WINNERS;

VIX -22.8 and down 5% - trading about 10% below the 10 day SMA in sell territory;

Up Volume about 4X Down Volume;

Techinals- NDX rejected at the 50 day SMA after GS came out with less that stellar news regarding the tech sector- SPX closed at 1,481, under the 1,490 planned area of resistance- and the 200 day SMA at 1,484. And the DJIA right at the 50% retracement area of 13,370- how bout dat.

Probably higher prices next week after some short term weakness- and congrats to Larry Kudlow who saw the DJIA futs up 150 this AM and predicted a +350 day on the index. Eh no- Markets are over bought and with VIX trading at relatively low levels it wasn't a high percentage trade. RSI (2) way over bought as follows:

SPX 91

OEX 90

NAZ 72

NDX 61

DJIA 91

RUT 73

MID 92