Bizarre action this morning as the dip was aggressively bought and equities went straight up after the open as the ES futures are now 20 points off the bottom or 2.5% in about an hour.

Strong sectors- banks, gaming, fins, internets and metals while biotech, drugs and bonds lag.

NYSE- 940 net green;

NAZ- 250 net green;

NDX/OEX- about 65 GREEN on each;

VIX- down 2.5% at 43;

TRIN- .63 Up volume about 3x the down;

Looking at the SPX 800 number looking to buy dips on fins as for what ever reason the equity buyers are here - today- very bizarre action as yday found a big move higher until the last hour when over half was give back - an ugly down open today on ADP numbers and a mad rush to buy after the open- Could be pensions shifting from cash/bonds to equities - which are probably now under allocated in their assets.


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