LINK AWAY

Markets continue to bounce around between green and red but some areas looking like they may be decent buy levels EEM EWC EWC- commodity centric etf's and probably going to out perform SPX etc. over mid and long term.

Bronson looking at a top;

A blip up in USA net worth;

Iran kind of embarrassed -

RIP Big Russ;

Equity and the Dollar nsynch;

SPX support - near;

MORNING VIEW

Equities are trading in a choppy fashion but look to have an upward bias - as I type- SPX +.5, NAZ -4 and DJIA +19.

Strongest sectors- airlines, gaming, energy, ags, drugs and junk while brokers, tech, internets, homies and real estate lags.

NYSE-flat internals;

NAZ- slighly red;

NDX- 56 GREEN;

SPX- 260 GREEN;

VIX- down a hair at 25.85.

Market feels like it wants to resume its uptrend as it has had a little dip on some disappointing news - and a big hit to some big tech stocks-

Bought some EEM this morning and will look to add if it goes lower-

The dollar looks to be back in the downtrend as it has been moving mouth since 8.30 AM- gold also looking to attack the flat line - and it looks like gold is a buy on this dip- I see no reason why the dollar wont resume its downtrend and drive the price of other assets higher.

GONE SHOPPING

At the Philadelphia coin show- GOLD!!!!

BIG ARMS

Markets are flattish near noon with the SPX +.5, NAZ +3 and the DJIA +10.

Strong sectors- semis, tech, nat gas, brokers and tech while airlines, metals, reits and energy lag.

NYSE/NAZ flat internals;

NDX- 45 GREEN;

SPX- 210 GREEN;

VIX-down 1% at 22.85.

TRIN- 1.03 with up and down volume about equal.

Markets are over bought and the RUT is lagging today- and it has been a big winner of late.

Dick Arms looking for a nice selloff - here is what he wrote this morning:

"The markets have now spent three days in a tight trading range. The volume on Friday was very heavy; the third heaviest of the year, but that may be of little meaning, in that it was an options expiration day. Nevertheless, the three days, taken as a group, are showing us that the market is encountering a great deal of difficulty moving higher. This comes as it butts against the upper trendline of the channel it has been in since March.

A decline of more consequence than the drop on Monday appears very likely here. The critical point will be seen when and if it gets to the line I have labeled on the chart below as the line to watch. A penetration would suggest a far larger decline.

The Arms Index moving averages are still very neutral on a short-term basis but remain overbought longer term. That suggests a larger drop is likely to come in very soon."

PRE MARKET LOOK

Equity markets set for an uneventful opening as the ES futs are +1.75, NQ +4.5 and YM +6.

Gaming stocks look strong ahead of the open while ags are down and gold is down a little.

The dollar, which is the chart to watch IMVHO - is about flat and probably ready to digest some of its recent losses-

In the news - just a few miles to the north - a tent is in the headlines;

SUBWAY moving on up;

A pretty good list and a hat tip to Mr. Kirk;

Tax on the willing;

CLOSING NUMBERS

Equity markets closed higher led by the DJIA and the SPX while tech lagged. The big story of the day was probably the dollar which sank another 1% - a big move and surprisingly small move in the tech heavy NDX in light of the move by the dollar.

Strongest sectors- gaming, reits, oil service, brokers and real estate while airlines, biotech, homies and retail lagged.

NYSE- 1250 net green;

NAZ- 430 net green;

NDX- 58 GREEN;

SPX - 301 GREEN;

VIX- down 3.6% at 23.2 and about 2.5% below the SMA 10.

RSI 2 levels as follows:

SPX - 80

DJIA -76

NAZ -95

NDX- 96

RUT -85

Pretty extended numbers on the RSI list - so maybe a choppy to down day tomorrow- big sell off not all the likely for now- EWA EWC EWZ EEM all mentioned yesterday all acting well today- seems like a low risk area to invest - and one can even hedge the SPY against it if one prefers that game.

OPENING UP

Equities indexes open higher but are well off the best over night levels of the futures- SPX +5, NAZ +5 and the DJIA +25.

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

NYSE- 1100 net winners;

NAZ- 350 net winners;

NDX- 61 GREEN;

SPX- 333 GREEN;

VIX- down 1.5% at 23.65 and about 1% under the SMA 10.

GOLD- up about 12 at $1017 while the dollar is down almose 1% but up a bit from the open of equities at 9.30.

RSI 2 levels - extended as follows:

SPX 78

DJIA 70

NAZ 95

NDX 97

RUT 80

I am long the QQQQ and looking for a rally today as some of the over bought anxiety has been cut during the past few days- also looking to add DIG and EWC-

Irwin Kellner and his recession take;

The latest on the ease in CDS;

Lenny not on the list quite yet;

Jim Grant v Rosie;

MIDDAY LULL

Equtiy markets bouncing around at the midpoint led by drugs, biotech, airlines and retail- while metals, energy, reits and homies act the worst.

WINNERS- AIG SHLD GILD GOOG CSCO WMT PFE GE RIMM MS AMGN TWX VZ CVS and INTC;

LOSERS- DOW SLB BAC DIS MON KO COP MCD AA NYX BHP AXP CNQ XTO LVS JPM;

VIX/VXX - both trading up a little more than 1% and a little higher than their respective SMA 10'S.

Crude down $2 + while the dollar is up about .37% and the EURO down a hair.

Slow going for now but suspecting the bulls will give it a try before the end of the day.

OPENING CLUES

Markets have opened lower but are well off their worst levels led by the NQ which is trying to make it back to the flat level.

Currently the DJIA -66, NAZ -7 and the SPX -7.

Strongest sectors- airlines, drugs, biotech, consumers and junk bonds while metals, emerging markets, homies, oil service, real estate and internets.

NYSE- 1700 net losers;

NAZ- 800 net losers;

NDX- 38 GREEN;

SPX- 87 GREEN;

Gold - down $8 at 1k;

Dollar - up about .5% and holding equities under pressure.

RSI 2- varies and as follows:

SPX 32

NDX 61

COMPX 49

DJIA 35

RUT 39

So for the dippers - its dipping - and a move back up this afternoon shouldn't shock anyone-

And a real shame the cowboys didn't win last nite-