NOON RIP

Here we go again - markets ripping higher as the European gang decides that they should save themselves- after all their banks own lots of the Greek debt - so not much of a choice.

SPX +48, NAZ +103 and the DJIA +414-

Best acting sectors include gaming, homies, emerging markets, reits and banks while gold, bonds, drugs, energy service, biotech and consumers lag.

NYSE- 3020 winners with 126 losers;

NAZ- 2436 up and 290 down;

NDX 98 GREEN;

SPX- 488/11;

VIX- down 30% at 28.6 and still above the SMA 10;

UP volume about 26x the down on the NYSE;

TRIN surprisingly at .9;

Looking for a burst higher into late afternoon - so a close at/near the highs.

Buying some EPD as I agree with this fellow.

WEEKEND WORK

Been a while between postings but hard to not write something after last week- The screens were quite a sight and to break it down to the simplest common denominator how about this:

On the one minute bar on Thursday between 2.46 and 2.47 the ES dropped from 1082 to 1056 or 2.4% - not to be out done the NQ dropped even more 57 points from 1787 to 1730 or 3.2% in sixty seconds - any shot the HFT traders were involved?

Here is some tradersaudio from the good BIG BEN;

Steven Sears from Barrons and his take on the flash crash;

The forgotten man - Dylan Ratigan and his fast money analysis;

And Barry placing the blame;

My take - yup the fast HFT crowd saw profits to be made selling and they all did it at once -

And of course markets are deeply oversold and due for a bounce - but I am waiting to see some stabilization before I add to positions;

VIX - about 68% above the SMA 10 and with an RSI 2 reading of 99;

SPX - RSI 2 reading of 3 and 5.5% below the SMA 10- about as stretched as you will ever see it- note at the March 9 closing low it was also about 5.5% away;