THE CLOSE

Nice day for the SPX/DJIA crowd as they closed a little off the best levels but the RUT/NAZ/NDX not so much as they didn't get nearly back to the highs.

Strongest sectors- homies, banks, real estate, retail and insurance while metals, oils, ags, and shipping lagged.

Not mentioned on taut TV- the ugly action in GOOG RIMM AAPL - all down big today;

NYSE- 920 net winners but well off the 2,000 net green near the open;

NAZ- 600 net green compared to the +1500 near the open;

My suspicion is the PPT was back in business today- so in addition to grabbing FNM/FRE our money may have been spent on other equites as well.

I suspect that this rally is going to run its course shortly as this feels like back down we go when a day or two passes of the great bail out. Also a bit leery of DJIA dominated rallies - note of the 1.7B shares traded- over 50% was downside volume. Something is a little fishy on a huge upday.