THE CLOSE

Markets closed higher in a "whippy" session where new multi week lows were made this morning on the heels of better than expected numbers from GS and some encouraging news from the ECB. The DJIA closed +65, NAZ +22, SPX +9 and the RUT, the biggest winner on the day, +2.03%.

Strongest sectors were- emerging markets, small caps, metals, utils, retails, insurance and biotech while brokers, gaming, real estate and banks were in the red.

Key stocks- 18 out of 40 in the green led by BIDU TIF NVDA AMZN KLAC MTW MSFT INTC AMZN and ISRG- lower were GRMN GS MS LVS MGM DECK MA MER BG C and VMW.

NYSE/NAZ internals- 1,400 net winners;

NDX-the index was +9 or .43% but about 75 out of 100 closed up;

OEX- the index was +3.6 or .53% with 70 winners;

IBD 100-70 green;

Up volume about 2X Down volume;

VIX -down 7.5% and trading on par with the 10 SMA;

Technically, its going to be hard for the markets to get much traction with out the under performing financials as they make up such a big chunk of the SPX. The SPX closed above the important 1,450 level and the next area of resistance is 1,475. Support at today's lows near 1,435.

The NDX wasn't as strong as the SPX because of lackluster action in AAPL CSCO EBAY GRMN SNDK NTAP BRCM INTC and RIMM. NDX continues to trade near the 50% retracement (2,025) and hopefully this will be decent support as I am long QQQQ.

RSI (2) levels came off the mat and now reading are upwards of 35 - so the buy program is off the table and hopefully sales can be made near the 90 level.