Markets are not behaving as I expected as the over bought conditions and SPX resistance areas have kicked in to the bulls- SPX +8, NAZ +20 and DJIA +39.

Strongest sectors materials, metals, energy, semis, real estate and trannies while banks, fins, bonds, retail and homies lag.

NYSE- 1500 net green;

NAZ- 1,000 net green;


VIX- 27.75 and it hit 26+ this morning and was about 15% under the SMA 10;

Markets moving down after opening very strong on the BAC secondary and a general feel good attitude- not sure why the sudden sell down in light of the very strong internals but price action dictated.

I made some money on QLD on the initial pop and bought some back which was sold at a few penny loss as the VWAP and the 20 period ema's were taken out.

RSI 2 levels probably were the signal today as we were way overbought at way over 95 - still on the look out for a later rally - but for now its out for some errands and food.


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