AFTERNOON LOOK

Markets are higher this afternoon as the bad news was generally shaken off by traders/investors and the DJIA is now +100, NAZ+15 and SPX +13. RUT/MID better than the big caps up 1%+.

Strongest sectors- real estate, homies, banks, oils, airlines and small cap value while internets, ags and trannies lag.

Key stocks- 27 out of 40 higher led by WYNN CELG POT GRMN BAC BG ISRG CAT TIF MER laggards- MCD ICE MA DECK AMZN CME UA MSFT NVDA GOOG VMW BIDU PG;

NYSE - 1,350 net winners;

NAZ- 720 net winners;

NDX-75 GREEN;

OEX-88 GREEN;

IBD 100-70 WINNERS;

VIX- down about 3% and 4% above the 10 SMA;

Up vol- about 3X Down volume;

TRIN- .77

Bought some QLD earlier today for a day trade and have since sold half as the buy the dip day that I envisioned earlier came to fruition.

The 1,350 level on the SPX may see some selling as for now rips are probably going to be sold in the short term.