Markets are off to the races again today as the bad ADP number from yesterday could't derail anything and just gave the bulls a chance to buy a pull back.
At midday - the SPX is +10, NAZ +12 and the DJIA +81- I suspect the next stop for the markets is DJIA 11k and then SPX 1200.
Strongest sectors- nat gas, metals, oil service, emerging markets, airlines and energy- laggards include tech, drugs, reits, real estate and retail.
NYSE- 1570 net winners;
NAZ- 650 net winners;
SPX 431 GREEN;
NDX- 73 GREEN;
TRIN- .5 with up volume about 6x the down;
VIX- 17 and about 2% under the SMA 10- it doesn't move - one day it will and I suspect it won't be long- of course that will be a/the buying opportunity.
RSI 2- levels near 80 on most major indexes-
Looking for the SPX to hit the 1200 level before long and have been buying pullbacks- latest purchases include UL BMY MGM GGP and EWC -
Of course looking to buy more pull backs - hopefully before SPX 1200.