ONE MORE THING

I will not be trading today or tomorrow but a few things about this market seem pretty obvious -

1) The market is moving up every day with hardly ever a rest because equities got far too cheap at the generational lows of March 2009- investors were pricing in a depression and now its clear thats not going to happen;

2) The market knows nothing as prices are a function of whats in front of a traders/investors nose- what will be in 6 months the markets nor investors haven't a clue;

3) No one knows the entire impact of the government programs on the economy - but its pretty clear that if the banks were not "saved" by the government the markets and the economy would be in a far different place- not much play on bubblevsion about that or from Rick Santelli - just let them fail was the mantra from the right - I doubt that would have worked out very well for investors or the country.

THE CLOSE

Markets closed lower but well off their worst levels- the SPX -3, NAZ -18 and the DJIA -39.

Strong sectors included- financials, real estate, banks, homies and retail while oil service, biotech, semis, drugs and biotech lagged.

NYSE- 300 net losers;

NAZ- 800 net losers;

SPX 157 GREEN;

NDX- 25 GREEN;

WINNERS- C WFC BAC JPM DOW AA GS MON GE;

LOSERS- AMGN CMCSK TWX VZ INTC MRK DIS LLY;

VIX- flat at 25;

TRIN- .45 with up volume almost double the down - and lots of the up volume coming in BAC and C - distorting the reading.

CSCO trading lower in after hours trading-

This fish will be away the next two days and back next week - and looking to buy what is hopefully a lower market next week- the bulls are amazing as they refuse to give up and make the bears look foolish- for now.

THE DIP

Markets selling off and the worst I have seen in quite a few weeks - DJIA -90, SPX -8.5 and the NAZ 21.

Strongest sectors-banks, real estate, ags, fins and silver while oil service, emerging markets, metals, brokers and retail lag.

NYSE- 1200 net losers;

NAZ- 1100 net losers;

NDX- 15 GREEN;

SPX 75 GREEN;

VIX - up 3% at 25.62;

TRIN - .37 as there is slightly more volume at the green end;

RSI 2 level down at 45 on the SPX - as low as it has been in quite some time- as I watch the QQQQ bounce off S2 at 39.6- wouldn't be a surprise to see the market rally right back as lots of folks want the smallest of dips to buy.

THE CLOSE

Markets closed at/near the highs of the day with DJIA +34, NAZ +3 and the SPX +3.

Strong sectors- gaming, reits, real estate, banks, homies, silver, biotech and fins while oil service, retail, internets and trannies lagged.

SPX - 3/2 GREEN;

NDX - almost 3/2 GREEN;

TRIN- .75 with upside volume about 2x the down.

This market refuses to quit so far and any dip gets bought and usually taken up into the close- Kass with some stat that more stocks are above their 40 day SMA then ever - probably right as there is rarely a down hour.

MIDDAY CHANCE

Markets are trading near the flat line with the DJIA +19, SPX +2 and the NAZ +2.5-

Strongest sectors include gaming, real estate, homies, banks, biotech and metals while oil service, ags, retail, emerging markets and drugs lag.

NYSE- 700 net green;

NAZ- 400 net green;

NDX- 56 GREEN;

SPX 290 GREEN;

VIX- lower by 2% at 25.12;

TRIN- .68 with up volume more than double down on the NYSE;

Choppy day and this fish is looking to buy before the close for a quick flip as I suspect the bulls get this thing higher and maybe lots higher before the day is over.

Oh and yes markets are over bought - but that hasn't mattered in a very long time.

THE CHOP

Markets are flopping around near the unchanged line as good housing numbers came out at 10AM.

SPX -2, NAZ 7 and DJIA +5.

Strong sectors- gaming, biotech, metals and defense while homies, emerging markets, oil service, banks and brokers lag.

NYSE- 400 net losers;
NAZ- 400 net losers;
NDX- 37 GREEN;
SPX - 181 GREEN;

TRIN- 1.26 and down volume about 1.5x the up.

Looks like a choppy day after yesterdays rip higher and looking to buy dips- also looking to get long on a longer term basis EWA EWC and EWZ- they have all ripped this year - but were very ugly last year and I think the long term prognosis is very good for each.

Another warning that we are running out of oil- quicker than one may think;





Lloyd to the employees- don't tell anyone;





Donald - involved in the usual - bankruptcy;





Bankruptcy for the AFL;

THE CLOSE

There it was - a close near the high of the day and almost 3 points above the 1,000 level.

SPX +15, NAZ +30 and the DJIA +115.

Strong sectors- nat gas, gaming, Brazil, oil service, ags, fins and trannies while biotech, drugs, brokers and tech lagged.

NYSE- 2000 net green;

NAZ- 1000 net green;

SPX - 422 GREEN;

NDX- 93 GREEN;

RSI 2 on major indexes as follows:

SPX 96

NAZ 90

NDX 87

DJIA 97

Markets are overbought but hard to believe a pull back wont be bought quickly as lots of folks are under invested and wishing and hoping for a nice retreat to buy- Problem is that since 666 they have been rare and quick - I suspect that will continue as folks are looking for performance to show the boss.

LEADERS

FWIW checking my key stocks - the leaders and laggards are as follows:

Winners =FCX CNQ BHP BAC XTO OIH WFC XLE MS AMZN;

Losers = PEP T WMT PFE PG MCD INTC ;

So you know.

TWIN WIN

Markets are higher and we have tagged the SPX 1,000 level and the Nat Gas $4 - all at about the same time.

SPX +14, NAZ +22 and DJIA +112.

Strong sectors- commodities, gaming, Brazil, energy, metals and financials while biotech, brokers, small caps and drugs lag.

NYSE- 2340 up and 570 down;

NAZ- 750 net green;

NDX- 82 GREEN;

SPX- 415 GREEN;

VIX - higher by 18 cents at 26.1;

TRIN- .55 with up volume 8.5x the down;

The round number of SPX 1K has been hit and the question is where to from here- I doubt we sell off hard as everyone probably figures this number gets sold-

RSI 2 numbers at 96/97 on the SPX/DJIA respectively - so the usual there for now also.