THE LOVE

Folks are certainly liking equities after hating them between September of 2007 and Feb of 2009- feels good to be back with the bull.

SPX closed +8 and the NAZ +19-

Strong sectors- real estate, gaming, energy and fins while metals, drugs, biotech and defense lagged.

NYSE- 1120 net green;

NAZ-450 net green;

NDX /OEX- 65 GREEN on each;

VIX- down 5.5% and under the 40 level;

One thing I recently read was an article on what to look for in a new bull market:

1) No rational reason for the rally;

2) Semis lead;

3) Fins and Basic materials lead;

4) Market pounces on good news and ignores bad news;

5) Gaps lower close higher;

6) Strong buying into the close;

Hmmm. Seems like we are transitioning.

NQ/ES futs closed at their highs and at resistance - 1315 and 840 respectively- lots of folks expecting a sell off at these levels including one Arthur Cashin- don't know but my guess is they buy them on Monday and the sell off starts later on Monday or on Turnaround Tuesday.