THE CLOSE

Markets closed the day mixed with the NAZ in green territory while the DJIA/SPX were red.

Strong sectors- semis, metals, ags, brokers and homie while defense, drugs, small caps and internets lagged.

NYSE- flat internals.

NAZ- 800 net losers.

NDX- 48 GREEN;

SPX- 233 GREEN;

TRIN- .67 up volume 1.5x the down with AIG FNM FRE skewing as usual.

Not a good day for the bears who had a perfect opportunity to sell off the market hard after the opening gap up- no dice- and Monday - I suspect the bulls keep it going for another few days.

The Quant on why we may be going higher.

Madoff and the Mets- and Erin is wonderful journalist.

MJ and his lousy credit- not a shocker.

And the football Giants and their problems.

And what a lousy player Soriano has become he can't hit very well and is fielding worse than ever.

MORNING LOOP

Markets are mixed to lower this morning after a nice gap open- on the heels of the INTC guide up news -seems like the 1038 area on the SPX is the top of the range with the 1020 area the cover your shorts level.

SPX flat at 1030- NAZ +7.5 and DJIA -32.

Strongest sectors- silver, semis, metals, ags, tech and brokers while drugs, small caps, energy and real estate lags.

NYSE- 180 net losers;

NAZ - 500 net losers;

NDX- 50 GREEN;

SPX- 220 GREEN;

VIX- a bit higher at 25.

TRIN- .39 - useless as AIG FRE FNM dominate the volume and and are all higher by 8% or more.

I expect the markets to stay fairly strong and maybe even break out above the 1040 area before the day is over- Markups? - next week we get the beginning of the worst month for equities in general- not so certain that will be the case this year- lots of folks loving to short these markets - and it refuses to tank- and November and December can really be strong months taking the SPX above 1100-

THE SELL

So far the morning is playing out as Doug Kass suspected - just wondering if the bulls show up later today and defend with end of the month buying- its early.

Strongest sectors- defense drugs and junk while energy, metals, gaming and biotech lag.

NYSE- 1600 net losers;

NAZ- 1300 net losers;

NDX- 5 GREEN;

SPX- 30 GREEN;

VIX- barely higher at 25.7;

TRIN- .6 with down volume 3x the up- this indicator becomes less valuable as stocks like FNM FRE C BAC skew the volume -

As I say- this could very well turn around later in the day as the bulls try to defend their recent gains.

MORNING CLUES

Futures are trading a hair higher going in to today's trade- the dollar heading lower, rates higher and gold higher while crude is down a bit.

In the world of links:

Tickersense on the FIBS that seem to be working;

The Quant on some extreme levels;

BESPOKE on the bearish strategists;

Lenny and/in his car;

Joe Biden talking about his friend Ted;

MORNING CHOP

Markets are flopping around after opening lower - and probably a shot that the bulls keep the upside going into the end of the month.

SPX +1.5, NAZ +3 and the DJIA +17.

Strong sectors- biotech, homies, retail and semis while metals, ags, gaming and energy service lags.

NYSE- flat internals;

NAZ- flat internals;

NDX- 59 GREEN;

SPX- 275 GREEN;

VIX- flat near 25.

TRIN- 1.1 with up and down volume about equal.

Bulls probably going to keep these markets up into Friday and then beginning of the month money duals it out with the witching month of September.

THE CLOSE

Markets closed green although well off the best levels of the day as many traders seemed to be upset by the rejection of the oil price at the 200 week moving average. The dollar also started to rally after 10.00 AM causing some folks to fear a sell off in equities and commodities.

Strong sectors - gaming, biotech, retail, homies and financials while energy, ags, defense, tech and emerging markets lagged.

NYSE- 600 net winners;

NAZ- 350 net winners;

NDX- 60 GREEN;

SPX- 300 GREEN;

TRIN- 1.06 with up volume 1.5 x the down.

VIX- down 1% at 24.89.

RSI 2 levels still near 90 on most major indexes and some traders seeing some not pretty candles on the daily charts. Not sure I agree we are going to sell off ugly but a brief retreat would not be surprising.

MORNING FLIPS

Markets are higher but well off their best levels which were hit at the release of the consumer sentiment numbers- and selling from those highs and we are in the middle of the days range as I type.

Strong sectors - homies, retail, biotech and gaming while semis, energy, drugs and tech lag.

NYSE- 1000 net winners;

NAZ- 400 net winners;

NDX- 70 GREEN;

SPX- 357 GREEN;

RSI 2 levels hanging above 90 on most major indexes.

I suspect we may not hold these gains today as tech/semis/energy are all lagging and they have been the leaders of this rally- just saying.

THE CLOSE

Markets closed the day flattish after being way higher earlier- SPX -.5, NAZ -3 and the DJIA +3.

Strong sectors-nat gas, energy, gaming, oil service and ags while banks, retail, semis and metals lagged.

NYSE/NAZ flat internals;

NDX- 35 GREEN;

SPX- 215 GREEN;

VIX- flat at 25.1;

TRIN- .87 with up volume a bit better than down and decent volume at 1.25 b shares traded.

RSI 2 levels way over bought still at 90+ on the major indexes.

Tomorrow is Turnaround Tuesday and just not sure if that means we go higher or lower- I suspect higher as folks probably look at today as a dip.

THE OPEN

The bulls continue to be in control this morning as equity markets open higher - following the lead from Asia and Europe.

Strongest sectors- gaming, nat gas, silver, banks, energy and metals while retail, internets, drugs, biotech and real estate lag.

NYSE- 1300 net green;

NAZ- 800 net green;

NDX- 61 GREEN;

SPX- 385 GREEN;

VIX- higher by 1% at 25.3;

TRIN- .37 with up volume 10x the down.

For now- folks want equities - and markets are over bought with RSI readings over 95 on the SPX and the major market indexes.

No great insight except keep buying the dips until it doesn't work.