LATE MORNING LOOK

Equity markets continue to defy gravity and are higher once again- with the SPX +6, NAZ +8 and the DJIA +27.

Strong sectors- nat gas, gaming, banks, metals, airlines and internets while semis, ags, trannies and drugs lag.

NYSE- 1350 net green;

NAZ- 600 net green;

NDX- 50 GREEN;

SPX- 315 GREEN;

VIX- down 2% at 23.2 and about 8% below the SMA 10.

TRIN- .66 with up volume about 4x the down.

Gold at 1017.

Silver at 17.34.

Dollar down a hair at 76.61 while the EURO is up a hair at 1.469.

RSI 2 levels - about 98 on most major indexes.

Not much to say except the markets are way overbought but refuse to pull back- probably a close near the highs- also gold now looking very good for a move up to 1050.