NOON LOOK

Markets reversed course and have ripped higher to the 1,375 level on the SPX but have since come in a bit and it will be interesting to see if the dippers buy this little sell off.

Best sectors- homies, retail, banks, trannies, airlines, gaming, brokers and utils while metals, oil service, semis and tech lag.

Key stocks- 30 /40 GREEN- MA UA TIF WYNN LVS BAC ISRG MCD CME CAT - LOSERS- NVDA KLAC XOM RIMM VMW ICE BG MSFT SMH MO GOOG;

NYSE- 800 net winners;

NAZ- 450 net winners;

NDX- 60 GREEN;

OEX- 70 WINNERS;

IBD 100- 50 WINNERS;

VIX- 26.4 and lower by 4.4% - 6.5% under the 10 SMA;

Up Volume about 2X Down Volume;

TRIN.8;

All the banks and brokers I follow are higher while tech continues to act eh;

My guess is SPX may drift around this 1,365 level for awhile perhaps building a base before we can move back up to yesterday's highs.