Market summary

Markets opened strong and the look and feel looked strong right from open because overnit we had a big rally in India, and Europe was higher at open. Very soon after the open markets went into a trending day though sector participation was weak in morning but picked up lately and we closed at the HOD(high of day) on SPY. Since open I was looking for longs because A/d was very strong and we hade a gap up on 26 min chart. Sector wise REITS and Finacials took us higher followed by materials discretionary , Oil and retailers. Surprisingly Semis and Tech were laggards today which is not a good sign. Moreover volume looked like we are already in holiday mode another divergence. Gold and Dollar lagged so did utilities and biotechs. For trade I took MEE, SGY SPIL as day trade and booked profits on them. For Swing I entered MGM at 8.52 and sold Jun10 calls against it. At Close I picked up some SDS at 57.83 because we are alittle overbought on shorter time frames and we may either have some morning weakness at open tomorrow or a gap higher and a quick gap fill in both case I plan to get out of SDS tomorrow morning. I may post some stocks I will be watching for tomorrow on twitter this evening. Follow me on twitter at www.twitter.com/sidshar