Equities finished the day near the highs with the SPX +12 at 1122 and the NAZ +43 at 2286.
Some good news late in the day as MSFT rose on the heels of news of a debt issuance and a stock buyback or a dividend increase- the stocks was +5.74% on the day and was strong out of the gate.
NDX with 92/8 on the internals;
NYSE 1414 net winners;
VIX closed at 21.21 and about 10% below the SMA 10;
RSI 2 levels on most major indexes way overbought at 95+;
Interesting news on the bond front as rates on the 10 year dipped to 2.741% and the TLT was higher by .66% at 103.
Bottom line equities way overbought but have now moved above all the significant moving averages - so looking for a little pull back but also looking for it to be a buying opportunity. Of course the trading range looks to still be 1040/1130- and we are now testing the upper end of that range- double dip anyone?