HAPPY RECAP

The "I love you, I love you"/"never call me again" market strikes again as the DJIA closes up 325 and above the 200 day SMA, NAZ +87 and SPX +41. The NDX with AAPL GOOG MICC RIMM NIHD INFY was the best performer +4% after the recent 10% drubbing.

Strongest sectors included China, emerging markets, brokers, financials, airlines, banks and homies while utils, biotech, drugs and semis lagged.

Biggest winners- AAPL MICC NVDA RIMM NIHD ADSK INFY EXPE LEH GS WB MER C WMT EMC JPM AXP LTD DRYS DSX EDU VMW HDB GSOL BIDU ITU FMCN POT YGE;

Biggest losers- SSRX TISI KOP STRA VSEC MDR ATLS ADBE CEPH INTU AMGN CTXS MCD DD BYM CI EXC MO;

Market internals + 2,100 on NYSE and +1,310 on NAZ;

NDX 95+ WINNERS;

OEX 95+ WINNERS;

IBD 100-85 WINNERS;

Up volume 12X Down volume;

19 New Highs and 176 New Lows on the NYSE and 37/163 on the NAZ;

Here we go again- SPX above the 50% retracement and recent support/resistance at 1,475. Next area of resistance, SPX 1,490; note 200 day SMA at 1,484.

IWM has left $78 in the rear view mirror while QQQQ solidly above the $50 level with the 50 day SMA the next area of resistance at 51.84.

OIH was a pretty good deal this morning under $180 and now closing in on the $185 level. I suspect oil gets a bid here and drives the OIH back to the $200 area before the year ends.

And congrats to the Knicks for finally seeing the light on Marbury (benched and AWOL), hopefully Isiah's time is also numbered.