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.