TODAY'S TAKE

Things seem to be getting a bit ornery at realmoney.com as Rev starts to lambast Jimmy and his dopey TV show. Maybe Rev is a bit upset that the market hasn't cooperated with his every dip to be bought mantra or maybe just telling it like it is.

Anyhow, today the QQQQ was the worst performer at the get go but has since filled the opening gap and has started lower again. We are only half way through the trading day so today's ultimate winner is still unclear. Market internals have failed to confirm any rally (2,800 more losers than winners) as have brokers, financials and small caps. Semis remain green but if they don't get more oomph they also look to fail.

The only other sector higher or near the flat line are the oils as $75 crude is now in the rear view mirror, and if the mideast problems escalate there is no telling how high crude could go.

My strategy is not to buy here but to short if and when we get back to the 1260/1280 area and buy if we fall back to the 1220/1240 area for a short term flip.