MORNING TRADE

Everything is right with the world again as oil, metals and equities are trading higher while the yield on the 10 year is up to 3.88%.





Bob Doll, the trillion $$$ man at BLK saying that U.S. equities will reach record highs in 2008 as P/E ratios improve. My guess is he will be correct.





Strongest sectors this morning- metals- as the HUI is up almost 6%, drugs, china, emerging markets, reits, real estate, oils, utils, tech and biotech while airlines, homies, insurance, banks and defense lag.





NYSE- 1,600 net winners;


NAZ- 1,115 net winners;


NDX- 70/30


OEX-80/20


IBD 100-85/15





WINNERS- TISI ABB VIP FSTR MICC BIDU GME HURN BTJ MA LEAP SBUX MNST NVDA JOYG WYNN LVLT CEPH BAX EP EMC BMY MRK SLB ATI NYX ETR;





LOSERS- CCU RF ROK AA BA UTX MSFT HIG JPM USB AXP MS ISRG EDU ESRX CNH CEDC KP FCSX TDG GMCR CF UAUA RYAAY ISRG PCAR ESRX CHRW BIIB;





VIX- lower by 4%;





Up volume almost 4X Down volume;

The changing of the guard at BGC not being gretted well as it trades lower along with some of the brokers.

Lots of volatility as there are quick bursts up and down on the major indexes. I do however believe that yesterdays lows on the NDX (QQQQ) are probably the bottom for this intermediate period.