OVER BOUGHT

Markets hit their highs on the release of the housing numbers at 10 AM eastern and chopped around the balance of the day-

SPX +2, NAZ +8 and the DJIA +19.

Strongest sectors- metals, homies, biotech, small caps and internets while semis, reits, banks, fins, ags and junk lagged.

Internals on the SPX flattish - a touch green on the NDX and way green on the outperforming RUT.

VIX- down slightly at 29.63;

Gold +$6;

Silver +$.37;

Crude and natty gas - flattish;

RSI (2) levels - way overbought as follows:

SPX 94

DJIA 93

RUT 96

NAZ 97

NDX 97

Based upon those numbers it is no surprise that the markets had plenty of problems making any head way today despite all those high tick readings- could be some buying exhaustion-

One stop out on a QLD trade early and sold some UWM/EWA today and waiting for reentry at lower prices.