CLOSING HAPPY

Back at the turret just in time for the closing prices. Markets had a powerful up day for a change with the DJIA +205, NAZ +51 and SPX +24. The easy trade and the bullish try finally came through nicely as the "buy the dip" strategy may be back in play.

Strongest sectors were the usual suspects, oils, metals, tech, emerging markets, brokers, homies and insurance while semis, gaming, airlines, utils and biotech were higher but lagged.

Key stocks- mostly higher led by RIMM MS AAPL GS DECK TIF MA NYX MCD and INTC while CELG VMW ICE WYNN BG MGM MO POT and BIDU closed red.

NYSE/NAZ internals+2,700;

NDX-75 WINNERS;

OEX-95 WINNERS;

IBD 100-83 WINNERS;

WINNERS- RIMM MICC HMSY KOP AGU VIP BUCY HDB STP SDA LEAP PCAR CHKP APOL STLD JOYG INTU AAPL MS ATI SLB COF ALL IP WY GS LEH;

LOSERS- S MO EXC DELL TYC CELG SIRI LVLT VMED BRCM SNDK CEPH WYNN LINTA MRVL PETM JAVA ERTS;

VIX-down 10% to the 18.5 level and trading more than 15% under the 10 day SMA- SELL SIGNAL;

RSI (20) on major indexes:

SPX 92

DJIA 91

RUT 94

NDX 94

NAZ 94

Technically, the SPX is getting to major resistance near the 1,490 level, which was the blast off level from the September 18, first rate cut. It has acted as resistance numerous times since the middle of November.

I will probably be selling my index longs next week and look for better opportunities to reload.