NOON TIME

So much for the bullish bias for the day as the DIA takes the brunt of the selloff with less than stalwart performances by GM DD BA HON HPQ and UTX. If all those GM buyout takers was good news, why is the stock off 5%. It always bothers me when 35k folks get buyout offers; Why are they dispensable today and what exactly were they doing yesterday, last week and last month. That is a lot of payroll for what I suspect is very little productivity.

Anyhow, the market tanked as the SP futures traders sold the market big starting a bit before 11 eastern time. Not sure why the selling started but support on the DIA is now the 109.15/109.35 levels.

Market internals now pretty ugly with about 2,000 more losers than winners with the big sector losers being the sox, airlines, homies, metals, tech and retail. The only green sector is oil with XOM being the strongest dow performer up 1.3%.