MID MORNING OBSERVATIONS

The day continues and the bulls and bears are fighting it out and the winners so far are the Semis and the Oils which have flipped to the upside as W speaks. The market internals remain red with 1,600 more to the downside and if that doesn't change the indexes will not be able to gain much traction (duh). One note of caution that I see is the 10 year is now back over 4.7% and that will soon by yapped about in the media and on CNBC.

The financials are red along with the homies, metals, GOOG, AAPL and GS. The Volatility Sisters are about unchanged so no signals coming from them.

Also, note the Pivot Point on the SPY today at 130.5, if they can charge through, there is probably further upside. If it is rejected, then probably lower.

The BIRD FLU stocks of yesterday as screamed by Jim Cramer, SFD and PORK are both trading in the red (shocker).