AFTERNOON REBOUND

I expected a move higher but didn't exepct new lows first and folks waited for the penetration and have now bought pretty pretty big - just doubt its going to hold for very long.

Strongest sectors- oils, shipping, emerging markets, telecom and ags while defense, homies, internets and trannies lag.

NYSE- 350 net losers;

NAZ- 500 net losers;

NDX- 45 GREEN;

OEX- 55 GREEN;

VIX- flat at 66;

Light volume with up and down about equal;

I suspect folks will look to get this short this ramp as that is what usually works - especially since we have gone through the old lows -