Weekend Roundup: Beach Blanket Seesaw The bulls and bears both bugged out early and spent the rest of the day playing seesaw on the beach. Volume was tilted to the light side while the teeter-totter was tilted to the bulls' side. Bullish action (what's left of it) is still heavily weighted towards the oil stocks. The rally in oil continued today, helped in part by oil and gas magnate T. Boone Pickens saying in an earlier CNBC interview that a disruption in Iraqi crude production would likely raise the price of oil to the $180 - $200 per barrel range. Time to sell the Suburban!

Semiconductors are still popular but their star is starting to fade, judging by the decreasing number of semi stocks making the daily New Highs List. Also ominous is the fact that while the semi etfs--SMH & SOXX--notched higher, their candlestick charts are showing what appears to be a hanging man formation. Translated into plain English this means is that buying pressure has dried up. Unless, there's some really good news coming out from this industry group over the weekend, I would expect Monday's overall action in the semis to be to the downside.

Despite the Friday the 13th pessimism in this group, there was one bright spot. Last night in an SEC filing, Intel (INTC, +7%) said that contrary to popular belief, the PC isn't dead--at least not in the business space. Here, mobile phones and tablets are good for small jobs but businesses need desktops to get the heavy lifting done. The company sees strong demand in its business systems lineup and raised second quarter revenues by 5%. The good news boosted Intel's share price by 7% and caused a 5% gain in the stock of computer maker Hewlett-Packard (HPQ). Both stocks jumped above resistance levels on heavy volume--a very bullish sign. Based on strong technicals and still-low valuations, both Intel and HP look like excellent buys for the intermediate time horizon (1-3 years).

Have a good weekend and remember who's your daddy this Sunday!

1:25 pm ET: Intraday support/resistance: 

SPX 1927.75/1939.25 
DTX 798.75/806.5 
DJIA 16720/16790 
Nasdaq 4288.5/424.5 
RUT 1154.5/1167.7 
VIX 11.9/12.7 (falling VIX is bullish but VIX volatility is rapidly expanding) 
Trin range: 0.6 - 0.9 (falling Trin is bullish) 
Average VWAPs: +65/-41 (bull/bear seesaw)