Midday Ramp

Markets continue to move higher on the heels of the WM- injection and the resistance levels of 1380/12700 on the SPX/DJIA are moving into the rear view mirror. Next levels clearly the 1390/1400 area with 13K on the DJIA coming a little further north.

Strong sectors- banks, brokers, china, homies, ags, metals and steel while gaming, internets and real estate lag.

NYSE- 1050 net winners;

NAZ- 400 net winners;

NDX -60 GREEN;

OEX-75 GREEN;

IBD -85 GREEN;

VIX- down 5% and now red on the year;

Up volume 4X Down;

10 year Bond- moving up to 3.596%;

Gold- $930;

Crude-$109;

Lots of chatter on CNBC about the financials and if they have bottomed- just wonder if they will be having the same discussion when/if they make new highs. Note C in the chart above- over the SMA 50 and 40% above the recent low- GS also at $180+ off the $140 BSC lows.

RSI (2) levels hitting very over bought:

SPX 97

OEX 92

DJIA 90

MID 99

RUT 97

OIH /XLE 100

GS 90

C 89