ROCKET SHIP

Markets moved on up as the early chop became a distant memory. SPX +24, NAZ +58 and DJIA +179.

NYSE- 1780 net winners;

NAZ- 1500 net winners;

VIX- down 6.6% at 40.8 and trading more than 10% below the SMA 10;

RSI (2) levels - as follows:

SPX 95

DJIA 97

NAZ 83

NDX 82

RUT 85

SPY 96

DIG 96

XLF 88

So yes- the markets are very very over bought and I saw resistance at/near the 775 level - lets see what happens tomorrow- Seems like an awfully big burst higher but what do they say about bear markets- yes the most viscous rallies-

In addition I see Luby on Twitter with a FAZ position over night and Swan calling for the highs of the week now- also - we seem to get choppy days after big trend days and that is what today turned out to be.

Also- check the QLD which is now about 50% off the lows and right out the SMA 50.