AFTERNOON PLAY

Markets has come back after being down this morning on the heels of higher oil and over all crummy sentiment for equities.

Would not surprise me if a further rally develops with more short covering as its been a banner week for the shorts.

Market internals have improved with about 1400 net losers on the NYSE/NAZ while the OEX/NDX show about 40% of stocks in the green.

VIX back to the flat line- but over bought on a short term basis well over the SMA 10;

Down volume a bit ahead of up - but closing the gap- on light volume;

Probably should start to look at long candidates for next week as the markets rarely go straight down for long periods of time.

And Kramer looking for selling here and getting set to buy at DJIA 10K- rarely does it work out like that.