THE MOVES

Equities are trading slightly lower but well off their worst levels of the over night session- SPX -2, NAZ -7 and DJIA -20.

Strongest sectors- silver, dollar, utils, trannies and banks while nat gas, metals, real estate and semis lag.

NYSE- 200 net losers;

NAZ- 325 net losers;

SPX- flat internals;

NDX- 47 GREEN;

VIX- down slightly and about 13% under the SMA 10.

Equities really starting to shake off the discount rate hike but lots of resistance above at the SMA 50 near 1108- also RSI 2 and VIX levels ind the markets will not move much higher with out some backing and filling or a pull back.

THE CLOSE

Equities closed the day near the highs as the dollar tanked and the EUROUSD soared- SPX +19.36, NAZ +30.66 and the DJIA +169.75.

Strongest sectors- gaming, metals, reits and banks while nat gas, internets, drugs and retail lagged.

NYSE- 1910 net winners;

NAZ- 1000 net winners;

SPX 408 GREEN;

NDX- 84 GREEN;

VIX- down almost 2% despite the run up in stocks - seems a bit light - and about 8% under the SMA 10;

RSI 2 levels - way overbought as most major indexes trade above 90 with the NAZ/RUT leading at levels over 97.

Looking for a run to 1100- obviously not far from here- also looking for further runs in energy and metals - and a EURUSD run to 137- looks like solid resistance.

EARLY LOOK

Equity futures are trading higher this morning but well off their best levels- ES trading at 1082- and if equities opened here - the SPX would be near 1085- or about 10 points above Friday's cash close.

Looking at the picture - a nice intermediate bottom looks to have formed on the hammer of Feb 5.

Gold way up at $1,115 with resistance showing near $1,150.

The dollar down at 80.275 after bouncing from the 80.05 level earlier this morning.

JNK and HYG, both down over 7% from their January highs may be an interesting play here as they trade near their respective 200 SMA's - first time since May of 2009.

DR Brett on STOPS;

Kellner on the pork addiction;

Credit card charge offs jumping yet again;

Taliban top commander captured;

A surprising Dick Cheney on DONT ASK DONT TELL;

And now we know what Charlie was doing while he wasn't on the air;