THE EUPHORIA

Markets open lower on the heels of crummy news from MS but quickly turn to green led by the NAZ/NQ as all the big cap tech stocks trade up.

Strong sectors- semis, tech, homies, telecom and brokers while drugs, utils and junk lags.

I guess if you want to write a script for a bull markets - those are the sectors that you want leading and lagging.

NYSE- 700 net green;

NAZ- 325 net green;

NDX- 75 GREEN;

OEX- 55 GREEN;

VIX- down 2% at 36.4;

TRIN- .7 with up volume about 3x the down;

Gold and crude near flat;

Looks like a nice bull market once again as the lower open was quickly bought led by techs and semis- I sold my QLD a little quickly but looking to buy pull back and I expect to get plenty of opportunities-

RSI (2) levels at 65 on major indexes and of course we have the SPX 875 resistance to contend with eventually - probably business for next week.