QUICK TAKE

Markets are soaring on the heels of good news last night from the tech sector (INTC) - in addition markets are very over bought - just check out the RSI 2 area on most major indexes - yes -97/98.

Strong sectors- metals, materials, semis, homies, oil service, energy and tech while drugs, bonds, biotech and brokers lag.

NYSE-2100 net green;

NAZ- 1500 net green;

NDX- 88 GREEN;

SPX- 443 GREEN;

VIX- down 3.5% at 24.15 and about 15% below the SMA 10;

TRIN- .88 with up volume about 8x the down;

I would be buying pullbacks today for a quick flip for a close at/near the highs - but buying and holding - I doubt a good strategy for more than a few days or a week.

Remember- folks are now excited about a turn in the economy- be careful as I bet we get some lousy earnings numbers and probably a lousy employment number in a couple of weeks- that is what caused the last sell down and it will probably happen again.