MIDDAY

Markets are drifting higher into the middle of the day with the IWM RUT leading the way. The DJIA is higher by .42%, SPX +.48%, NAZ +.66% and RUT+1.6%.

Strong sectors- homies, oil service, metals, financials, reits and real estate- laggards- utils, retail, drugs and tech.

Key stocks- 30 out of 40 higher- leaders ISRG MA RIMM DECK MGM NYX KLAC- laggards- VMW UA BIDU TIF WYNN GRMN KO MO BG CELG;

Internals- very strong with 2,100 net winners on the NYSE +NAZ;

OEX- 65 WINNERS; NDX- 55 WINNERS; IBD 100-66 WINNERS;

Up volume 2.5X Down volume;

VIX - moving down and under 22 and trading more than 10% under the 10 day SMA;

RSI (2) at /near 85 on most major indexes:

MID- 92

SPX 85

DJIA 88

RUT 87

NAZ 84

NDX 84

Technically, definitely in overbought territory and at the 1,490/1500 resistance on the SPX. In addition, if you check the IWM chart above and $77.7 stands out as a big resistance.

Note- 50 day SMA's (downtrending) rapidly approaching - DJIA- 13,565, SPX -1,503 NDX-2,120.

As mentioned earlier, lots of sell signals here and now and I have sold part of my YM futures position.