CLOSING USUAL

Like it was supposed to do - markets rallied in the afternoon and closed a hair off the best levels with the NDX being the best performing major market index.

SPX -2.5, NAZ +8 and DJIA -12.

Strongest sectors- biotech, homies, defense, retail and internets while metals, gaming, energy and brokers lagged.

NYSE - 130 net losers;

NAZ- flat internals;

NDX- 43 GREEN;

SPX - 154 GREEN;

VIX up 3% at 25;

TRIN- .94 with up and down volume about equal;

FAX a closed end fund mentioned here a few weeks ago - acting quite well as it broke the 5.90 level today - I suspect it is one of those rare buyon the dip and hold for a long long time funds.