THE CLOSE
Markets closed at/near the highs and we are back at the 1420 area on the SPX - The DJIA closed +94, NAZ +37 and SPX +15.
Strongest sectors included metals, steel, oil service, homies and gaming while utils defense and drugs lagged.
NYSE- 1280 net winners;
NAZ- 625 net winners;
NDX- 80 GREEN;
OEX- 75 GREEN;
IBD- 78 GREEN;
VIX- down 7.5% at 16.35 and another new low for the year- and 11% under the SMA 10;
Up volume 3.5X Down volume- TRIN .63;
SPX closed a hair below the SMA 200- and at/near the May 2 high- however RSI (2) levels at near 95 on most of the major indexes- loading the boat with the VIX this far stretched to the south and RSI (2) so far stretched to the north - not usually a good strategy. Intermediate term up but waiting for better prices to reboot the longs.
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