THE CLOSE

One of those days where "don't like the price, just wait awhile - it will get there." The DJIA close the day +134, NAZ FLAT, and SPX +10. The DJIA traded in a 230 point range and closed about 90 points off the highs. The NDX was positive but weak most of the day and managed to close at the flat line after falling about 12 shortly before the close.

Strong sectors- insurance, ags, real estate, emerging markets, telecom, drugs and banks while metals, homies, airlines, oils and internets lagged.

Market internals were green by about 1,200 issues on the NYSE and NAZ but also were much better early in the day.

NDX/OEX both closed with more issues higher than lower but also were much better in the morning.

Notable weakness in the brokers gave indications early that it was going to be tough to hang on to all the gains. In additon, the RSI (2) levels hit earlier also indicated - hmmmm, markets are short term overbought.

SPX 1,340 held as short term support and today's highs become resistance- 1,365 area.

I remain longer term bullish and suspect folks who buy today for long term investments will be well rewarded 24/36 months out with gains near the 35% area.