WHY WAIT

Looks like those who wanted to short the markets have decided not to wait for SP 1280 as 1273 appeared to be close enough. Surprisingly the markets have given back half of yesterday' s rally and with 1,600 more losers than winners it looks like lower is more probable than higher. Bulls will tell you this action is very disturbing in light of turnaround Tuesday.

Semi's and QQQQ are the weakest sectors with KLAC giving back a buck of yesterdays gains. Retail, brokers, small caps and internets are weak while metals are higher. Oils are all over the board and now about unchanged as oil trades to a shade under $75.