THE SLOPE

Markets are higher but are well off their best levels as the NAZ/NDX continue to come in the hardest on the heels of tech HPQ IBM INTC RIMM all trading in the red.

Strong sectors include homies, banks, financials, airlines, real estate, brokers and insurance while metals, semis and tech lags.

Key stocks- 80% green led by MER BAC UA MS C DECK VMW BIDU CAT and GS- laggards- RIMM CELG TIF KLAC INTC KO SMH BG GE;

NYSE -1990 net winners;

NAZ -1170 net winners;

NDX 65 GREEN;

OEX 75 GREEN;

IBD 100- 85 GREEN;

The VIX dipping to 22.25 and off 7% on the day- 13% below the 10 day SMA - hardly a statistically wonderful time to buy;

Technically, the SPX hit 1,490, a big area of support just a few weeks ago and for now looks like a big area of resistance along with SPX 1500.

NDX- big overhead resistance clearly at 2120, the 50 day SMA.

I think it may be time to take the rest of the week off and revisit the charts for trades next week. Too much resistance here and with the morning gap - feels a bit over done.