Markets were uninspiring in light of the move down in crude and the SPX closed under the 1300 level yet again after chopping around most of the day.
The NAZ/NDX/RUT lagged after moving higher in the morning and the DJIA led- still watching GS which is lagging most of the other financials.
Oil closed at/near $114 while silver was drilled 10% at the $12.75 level;
Despite the move up in the DJIA/SPX market internals were flat;
DJIA winners included PG C AXP WMT T BAC HD -losers- CVX GM BA IBM XOM MSFT AA INTC;
Bill Gross - who is always worth listening to had this on CNBC- believes in the dollar rally but not a "long term" believer- FNM /FRE can not support a housing market with rates at 7%- says the Treasury needs to be aggressive with FNM/FRE and may have to provide them with $15B per in new equity to cover losses-pretty pretty depressing;Volume has been very light of late and next week it probably gets even worse so there may be some choppy action-