MID DAY TRADE

Markets continue to trade higher into the noon hour with a probably a little trade trepidation into the afternoon trade as most know what has happened of late in the final hour or two. Also, seems as if Market internals have weakened after the initial ramp higher.

Strong sectors, China, emerging markets, airlines, financials, brokers, banks, insurance, homies, tech and reits while utils, biotech, oil service, energy and semis lagging.

Key stocks- 37 out of 40 higher- the leaders- VMW AAPL BIDU POT RIMM DECK GS NVDA C JPM MER TIF BG- laggards-XOM MO IBB CELG BAM MSFT KLAC SMH CME.

Market internals- 1,400 net gainers on the NYSE and 860 net green on the NAZ.

OEX- 75 WINNERS;

NDX -80 WINNERS;

IBD 100-80 WINNERS;

Biggest Winners-DSX DRYS VMW EDU HDB AAPL BIDU FMCN POT RIMM MICC ADSK INFY NVDA NIHD UAUA CTSH ROST;

Biggest Losers- ADBE INTU AMGN XRAY GILD SSRX TISI KOP MDR FTI OII BPHX STRA ARD ATLS;

VIX -stabilized and down 17% and near the 10 day SMA;

Up volume about 4X Down Volume;

TRIN .62;

Oil, one of the big stories of the day as it trades down near the $91 area and off about $3.5. No doubt the same folks who said/thought oil shouldn't be at $50 a year ago with $28 the true value) now claim that $75 is probably the real value of crude. I will go with the price on the screen as the value. And check the chart, that looks like a pretty good trade from the long side even if it pulls back more from here.

QQQQ seems to have hit its head near the $50 area which is also just above the 50% FIB retracement and the top of blast off day on September 18, the first rate cut.

SPX 1,450 firmly underneath and will probably act as support again.

RSI (2) on market indexes:

NDX 48

DJIA 61

SPX 55

RUT 62