Markets kind of fooling everyone this morning as volatility is supreme- the market opens way up flips to flat and moves way back up - and now heading down yet again.
SPX +1, NAZ +3 and the DJIA +13.
Strong sectors- biotech, metals, real estate, brokers and materials while oil service, semis, banks and defense lags.
NYSE- 900 net green;
NAZ- 400 net green;
NDX - 51 GREEN;
SPX - 285 GREEN;
VIX- up 4% at 25.4;
TRIN- 1.08 with up volume about double the down;
Markets are extremely over bought and that is probably the reason why we had the initial selling on the gap higher- so expecting lots of volatility as lots of folks want to get aboard the train - and lots of folks want to sell to those coming in late to the party.