RUDE CRUDE

Markets are trying to push higher on the heels of $100 oil and higher metals prices (shocker). Those two sectors have been the place to be so far in 2008 (1.5 days) and I expect that will continue.

The QQQQ trade from yesterday with a decent $.40 gain and I expect that will continue to move higher as the markets remain very oversold.

Technically, 1,450 is acting as support again and the next stop is probably the 1,475 level or the 13,365 level on the DJIA (200/50 SMA).

The New High list today with lots of oils while the Low list includes tech retail and financials:

ATW XEC HP IGE MON MHS OXY RRC SWN GLD WFT XTO;

The New Low list:

AMD AMAT BAC BBBY FHN F GM KSS WAG WEN ZLC ZUMZ;

Gaming a big loser and not sure why although folks guessing at recession may feel that casinos will not do well. Doubtful that is correct and they are probably a buy here, especially MGM.