REBOUND CITY

Markets ripped higher this morning on the heels of news of the end of recession in Germany etc but sold off on our retail news and now a bounce back - tough to short this market for more than an hour.

SPX +4, DJIA +14 and NAZ +9.

Strong sectors include metals, Australia, silver, oil service, banks and semis while retail, drugs, defense and homies lag.

NYSE- 550 net green;

NAZ- flat internals;

NDX- 63 GREEN;

SPX 285 GREEN;

VIX down a bit at 25.25.

TRIN- .38 - probably skewed again with little banks and high volume.

Gold moving on up at 960 and the dollar heading the other way at 1.43 EURO and 78.43 at the dollar basket.

The lesson of the day/week/month/quarter- don't short as they continue to get waxed over and over - so cash and longs ok- the fish here looking to lighten up on some SSO - and probably little trading the balance of the week.