NOON CHECK

Markets continue to trade higher on the heels of the FNM/FRE news and money seems to be flowing out of the energy sector and into financials and tech - XLF +1.14% and SMH +1.8% as I type.

Strongest sectors- metals, semis, brokers, homies, tech, insurance and banks while airlines, gaming, utils, energy and drugs lag.

Key stocks leaders- BIDU RIMM MS GS MTW C GOOG NVDA AAPL and CAT while UA MA MGM BG WYNN LVS TIF PG AMZN and GRMN lag.

About 900 net winners between NYSE/NAZ while both the NDX/OEX show about 65 out of 100 in the green.

VIX flat and over sold- about 10% below the 10 SMA- Adam with more on where the VIX stands;

Up volume about 2X Down volume;

TRIN - .75;

Just a little shy about buying here for a quick trade as markets are over bought and plenty of resistance above - Note the down sloping 50 SMA on the SPX at 1,391- here and now - almost.