THE LOOK

Markets are trading mixed with the NAZ/NDX trading up on the heels of the MSFT/AMZN numbers while the SPX/DJIA are both lower -

Strongest sectors- internets, retail, gaming, ags and metals while semis, trannies, brokers, homies and energy service lags.

NYSE- 900 net losers;

NAZ- 700 net losers;

NDX- 20 GREEN;

SPX- 95 GREEN;

VIX- higher by 2% at 21.2 and about 3% under the SMA 10.

TRIN- 1.06 with up volume about half the down.

Its all about the dollar and if the dollar has found a floor near the 75 level on the basket - equities have probably found a ceiling- other than that probably choppy for the rest of the day and back to get em on Monday.

MIDDAY WORKS

Marekets are trading mixed with the SPX flat the NAZ down 9 and the DJIA +45.

Strongest sectors-banks, retail, brokers, Brazil, bonds and defense while gaming, trannies, airlines, tech and small caps lag.

NYSE- 250 net losers;

NAZ- 600 net losers;

SPX - 215/280;

NDX- 39 Green;

VIX- flat at 22.06;

TRIN- .8 with up and down volume about equal;

Dollar up at 75.4 while gold is down a bit at 1058.

Markets flopping around most of the morning while the internals remain red - bought some EWC and GDS as both look a bit oversold and will happily add on lower prices.

DA BULLS

Markets are moving up again as YHOO and MS post nice numbers to help out the bulls - SPX +7.7, NAZ +22 and DJIA +56.

Strongest sectors- gaming, Brazil, internets, retail, homies and small caps- laggards include bonds, oil service, junk, trannies, energy and drugs.

NYSE- 1205 net green;
NAZ- 1100 net green;
SPX- 403 GREEN;
NDX- 86 GREEN;

VIX- trading at 20.18 and heading to teenage status - 9% below the SMA 10.

TRIN- .7 with upside volume about 4x the downside.

SPX 1100 very near and the target of this fish is 1120- which is the 50% retrace between the all time high of 1575 and 666 - the March lows-

And congrats to the GOP for generating confidence from sea to shining sea - and we may get that public option yet.

THE CLOSE

Markets close the day lower with the SPX -7, NAZ -13 and the DJIA -51.

Strongest sectors- nat gas, airlines, junk, trannies and internets while biotech, metals, defense, reits and retail lagged.

NYSE- 1015 net losers;

NAZ- 1200 net losers;

SPX- 110 green;

NDX- 22 green;

VIX- under 21 and down 2.5% on the day.

RSI 2 level in mid 40 on the SPX - and had an itchy finger debating whether to buy some EWZ - well took a little ILF into the close.

Michelle CC of CNBC fame - with a little problem this afternoon on a CNBC interview - comical -

THE BLOW OUT

Futures trading up this morning after the big AAPL news yesterday:

ES +4 and near fair value;

NQ +16 and way above fair value;

YM- +25 near fair value;

Gold up a bit at 1065 with the dollar flattish at 75.4.

Oil down a hair at 79.75 while the ten year is higher with a rate of 3.395.

BESPOKE with the latest on country credit default swaps;

Looks like NO public option even though 57% approve - seems kind of dopey to trust insurance executives whose main objective is profits and bonuses - NOT your individual health-

MORNING TRADE

Markets are up and at/near the highs of a few days ago- SPX +8, NAZ+12 and the DJIA +85 @ 10081.

Strongest sectors- real estate, reits, retail, emerging markets, ags, drugs and brokers while metals, airlines, banks, biotech and junk lags.

NYSE- 1250 net winners;
NAZ- 600 net winners;
SPX- 405 GREEN;
NDX- 80 GREEN;

VIX- 21.27- 8% below the SMA 10.

TRIN- .86 with up volume 3x the down.

RSI 2 levels:

SPX- 71
NAZ- 68
NDX- 64
DJIA 78
RUT 60

Markets up but hardly over bought after the recent down move- I bought some stuff on Friday- sold some and holding some- I suspect a nice close near the highs as all systems look to be go.