4.03.2009

QUICK PM LOOK


As I mentioned earlier, a choppy day as anticipated with strength in the NAZ and weakness in the DJIA with gaming, energy, real estate and tech leading higher and metals, drugs, biotech and defense leading lower.


Market internals fairly flat on NYSE/NAZ and more strength on NDX and OEX;


Gold sinking and trading under $900 while crude is fairly flat at $52.4;


VIX down a bit at 40.5;


Had a nice early day trade in V and looking for that to ramp into the close- QLD may also ramp higher - so thinking about going there also.

Drugs starting to really trade poorly as another indication that the traders think the worst is over the economy. Note the worst stocks on the DJIA today MRK PFE JNJ KO.


RSI 2- still very overbought but I suspect they will come for stocks again Monday morning and the look for turn around Tuesday.

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