The Close

Markets closed flat after starting the day at/near the lows and trading up during the midday.

Strong sectors included ags, biotech, oils, internets and drugs while banks, real estate, brokers and reits lagged.

NYSE 320 net winners;

NAZ 140 net winners;

NDX 60 GREEN;

OEX 55 GREEN;

VIX- lower by 3%;

Up and Down volume about even - overall very light at 1.2B shares compared to a typical 1.7B;

SPX seems to have run into resistance at/near 1380 - the 38.2 FIB retracement level and the 90 day SMA/late February highs. Seemed like an appropriate time to sell in light of the weekend and the large move on the week.

I expect consolidation and then higher prices next week as it still appears that folks want in on these markets- just not on a Friday afternoon.

A pretty pretty good decade so far for the folks from Chappaqua;

And another take on Bottom or Bear market rally;