LATE MORNING TRADE

Markets are trading mixed with the SPX flat, NAZ -4 and the DJIA +28.

Strongest sectors include internets, junk, trannies and telecom while metals, biotech, semis, commodities and drugs lag.

NYSE 150 net gainers;

NAZ- 300 net losers;

SPX - 210 GREEN;

NDX- 33 GREEN;

VIX - down a hair at 29.65;

Gold down $24, Crude flattish, natty gas up a hair- silver crushed and down 3% +;

Dollar up 1.5% while the 10 year note is at 3.82%;

Not much of an edge for the balance of the day as the markets gyrate near the flat line- I am done for the day having bought some DBC for a longer term trade and will look to buy more on weakness-

The dollar decline is probably not done and neither is the rise in crude/commodities- and leaving for the beach shortly -

PRE MARKET RIP

Equity futures are ripping higher on the heels of a much better than expected jobs report- May NFP down 345k vs. an expected -520k.

ES +16;

NQ +16;

YM +125;

And the bad news - the dollar down at 79.335 and the 10 year note at 3.88%- and up about 17 bps.

Futures RSI (2) levels:

ES 87

NQ 99

YM 93

TF 96

Not ready to short and not ready to buy - so will sit and watch-

How is that CDS index performing?

The unemployment numbers - how good are they?

BESPOKE on the 30 year Mortgage note;

VIX +MORE on the SMA 200

THE CLOSE

Markets close near the highs with the SPX +10, NAZ +22 and the DJIA +71.

Strong sectors - banks, brokers, energy, metals and ags while retail, drugs, telecom and biotech lagged.

SPX 350 green;

NDX 63 green;

VIX - down 2.6% at 30.15;

Very good trading day for the fish with nice wins in DIG SSO and QLD - and a nice overnight hold in DBA-

The NAZ/NDX getting a little toppy here with RSI (2) levels near 90 while the SPX not quite as extended with reading at 70-

Tomorrow the jobs numbers and no clue as usual - although which ever way it goes I suspect it gets faded.

MIDDAY RAMP

Markets are moving on up - seems like just about everything except inverse etf'S as the SPX is +10, NAZ +19 and the DJIA +68.

Strong sectors- energy, real estate, banks, brokers and ags while retail, drugs and telecom lag.

NYSE- 1400 net green;

NAZ- 90 net green;

SPX - 335 GREEN;

NDX- 64 GREEN;

VIX - 30- and down 3% on the day;

Gold and silver each way up today Gold +1.75% and SIL +3.55%;

Crude also way up almost 5% at $69+;

A very good day trading on this end as I bought the dips early and often suspecting a good day to come with all the leading sectors higher led by energy, brokers and banks- and expecting a ramp into the close which probably takes us up another 4 or 5 SPX points.

HIGHER AGS

Equity futures are trading higher this morning although off their best levels.

NQ +3.5;

ES +1.5;

YM +25;

Gold and crude higher but the real moves this AM are in the ag sector where Corn, Beans, Sugar and wheat are all higher by 1.5% or more.

Julian Robertson- Short Treasuries;

Pivot Points for day trading;

Dr. Brett looking at new Bull Leg;

GS up to their old tricks;

Another buy and hold list- just check similar lists from y2k;

Tweaking with the Quant;

THE 200 SMA RIP

An exciting day in the markets as the bulls showed their stuff in the final hour and ran over the shorts to grab back half the days losses.

The SPX -13, NAZ -11 and the DJIA -65.

Strong sectors- biotech, reits, internets, small caps and retail while energy, mining, metals, homies and ags lagged.

NYSE- 1400 net losers;

NAZ- 800 net losers;

NDX- 30 GREEN;

SPX - 75 GREEN;

VIX- higher by 5% at 31.1;

RSI (2) levels on the major indexes - near 40 on the SPX and up to 75 on the outperforming NDX;

Some good trading by the fish - as I caught the bounce off the SMA 200 at/near 923 on the SPX- so if you loved them higher their was ample opportunity to reload lower- and it looks like a good trade for now- and tomorrow they probably take them back up.

And I sold most of my QLD into the rip of the last five minutes - still some to go -

THE AGS

Equity markets are lower for the first time in a while as the overbought conditions finally kicked in - and all those bulls who wanted a chance to get in - well now is a chance with prices better then the last few days.

SPX -16, NAZ -20 and DJIA -106.

Strongest sectors- biotech, internets, retail and banks while energy, metals, homies and ags lag.

NYSE- 1600 net losers;

NAZ- 1000 net losers;

SPX - 53 GREEN;

NDX- 55 GREEN;

VIX- higher by 4% at/near 31;

Gold and silver getting beat up as are the ags with the metals down 1.85% and the DBA off almost 4% and I have dipped in for some DBA. Also looking at some DBC as natty gas is also getting hammered.

One day trade in QLD which was a quick winner - and looking to reenter as I doubt the bulls are done and the NQ goes straight down.

LOWER FUTURES

Eyes not lying - futures are gapping down as I type with the ES -6 and about 7 points below fair value- NQ not as bad -6.5 and the YM -35.

Gold down $6, Silver and crude down a percent, nat gas flat and ags lower;

More of what to expect after four consecutive rising day in the SPX;

Running on empty - soon;

DR. BRETT using the VWAP;

The Queen with the crude;

Gold and inflation debate;

Another for sale sign;

A RANT

FWIW I get a copy of the Gartman letter every once in a while and am kind of surprised by the political nonsense he tosses around-

First I know he is a terrific trader and generally hedges all his positions like long DBA and short GOLD or long L and GS with a short of BRK.A - and these have worked out for him.

He also has country plays - as he is long EWA EWC and EWZ while being short the English speaking commodity importing countries- so far so good with those 3 ETF's far outperforming EFA and SPY.

My issue - he throws mud at Obama, Gheitner and the dems for not defending the dollar and watching it in free fall - of course while dubya was in charge - not a word and check the chart - the dollar index was far lower under the Bush (2) then it is now under Obama- FWIW.

And some quick links:

Crossing the SMA 200 is a big deal;

Oil up 99% in 75 days;

The Serious side of the GM bankruptcy;

I still love this page;

And of course the divergence in the FINS;

OVER BOUGHT

Markets hit their highs on the release of the housing numbers at 10 AM eastern and chopped around the balance of the day-

SPX +2, NAZ +8 and the DJIA +19.

Strongest sectors- metals, homies, biotech, small caps and internets while semis, reits, banks, fins, ags and junk lagged.

Internals on the SPX flattish - a touch green on the NDX and way green on the outperforming RUT.

VIX- down slightly at 29.63;

Gold +$6;

Silver +$.37;

Crude and natty gas - flattish;

RSI (2) levels - way overbought as follows:

SPX 94

DJIA 93

RUT 96

NAZ 97

NDX 97

Based upon those numbers it is no surprise that the markets had plenty of problems making any head way today despite all those high tick readings- could be some buying exhaustion-

One stop out on a QLD trade early and sold some UWM/EWA today and waiting for reentry at lower prices.

CHOPFEST

Morning trading - not so great as its choppy and was already stopped out of QLD long -

Market internals - mixed with 265 green on the SPX and 50/50 on the NDX-

NYSE- a hair to the green side -

VIX- down 2.3% at 29.35;

RSI (2) levels- very overbought and near 95 on most major indexes;

Gold/silver higher as the dollar dips lower;

10 Year note higher with a rate near 3.67%;

Not much of an edge going into the afternoon so just waiting and may play the SSO if the fins get some buying

TURNAROUND TUESDAY?

Futures on equities are lower and below fair value as I type - the dollar down again while the EURO is higher and gold up $6+ and silver up about 1%.

Corn/beans/wheat - generally lower and for the first in quite awhile not moving up with the lower dollar.

The big news last night - the yankee errorless streak continues and is now a new ML baseball record- and how about that catch by Joba- pretty mobile for such a big guy.

Dick Cheney - in the news now admitting what he should have admitted years ago-

VIX+MORE on an eerie deja vu;

Dr. Brett on uptrending markets and mechanics;

Kellner on the rocky road;

Jason on the SMA 200 and more on first of the month rips;

Finally, trader Mike;

THE CLOSE

Markets did well today but closed off their best levels as the fins and tech started to give way late in the afternoon. SPX +24, NAZ +54 and the DJIA +221.

Strongest sectors- energy, materials, retail, semis and trannies while metals, banks, telecom and drugs lagged.

SPX 445 green;

NDX- 93 green;

NYSE- 2000 net winners;

VIX- surprisingly up on the day and back at 30- a little interesting;

RSI (2) levels- way overbought -near 93 and looking toppy - f0r now-

Todays- trade long QLD into a pullback and a sell higher but not a big winner- fins moving lower in the afternoon got me out of the trade and it closed near where I sold-

Also sold some DBA for a nice gain and will look to reenter at lower prices.

Tomorrow - probably TT Turnaround Tuesday.

THE PLANNING

Markets are higher and near the highs of the day - but not much movement in quite a bit of time - I guess all orders in balance.

SPX+23, NAZ +47 and DJIA +204.

Strong sectors- energy, materials, real estate, retail, trannies and semis while metals, telecom, drugs and biotech are lagging.

SPX 465 GREEN;

NDX- 95 GREEN;

NYSE - 2200 net winners;

NAZ- 1400 net winners;

VIX- higher at 29.25;

Gold down a hair - silver down about 1% while crude is up a buck and nat gas up 3%- ags also higher while the dollar is lower yet again-

Seems like one of those day where we will flat line to the early afternoon and then rip higher into the close - looking to slowly add to SSO/QLD and then slowly sell them into the end of day.

MORE RIP

Markets are set to rip higher at the open as futures are trading +1.55%, NQ +1.13% YM +1.33% and the RUT TF futs +1.83% and off the best levels of the session.

Looks like that 3.45 PM buying on Friday was pretty meaningful and we probably go above the SMA 200 on most indexes this morning - and we will see if this gets faded early - if it does I suspect the buyers show up and take it back up. Oh and GM files for bankruptcy and anxious to see where the stock opens - if it opens- .

Chris with his market timing holy grail;

Hulbert on the wall of worry;

Dark days for the dollar;

Taleb busted for exaggerating returns;

Nate on dealergate;

Hussman market commentary;

Rosie on the traders market;

THE PLACE TO BE

Lots of interesting stuff this weekend and none of it that bullish-

What a great site - in case you thought things were a bit to cheerful;

The new normal for car sales - also not that bullish;

Prime foreclosures and re-defaults ahead;

Lending markets - not so healthy;

Some ytd numbers on what were at one time - pretty good buy and hold mutual funds:

ARTQX +10.3%;

EGLRX +46.8%;

FAGIX +26.3%

FAIRX +12.1%;

FLVCX +23.4%;

PRWCX +12%;

TAVFX +22.2%;

VGPMX +36%;

WGRNX +9.7%

Also note the SPX +1.8% on the year while the DJIA is down 3.1% and the NAZ+12.5%- so lots of out performance by most funds and the DJIA is really pretty bad.

Other interesting ytd info:

FAX +29.1%;

EWA +17.5%;

EWC +36.7%;

EWZ +59%;

EFA +5.7%;

GS +72%;

MS +89%;

IAI +28%;

XLF -2.7%;

XLE +7.8%

OIH +45%;

Pretty clear the USA was not the place to be as Brazil, Canada and Australia were far better and even Europe was better although much worse than the others mentioned.