NOON AMUSEMENT

Interesting conversation between Pisani ( the market doctor) and Haines ( the market something); Hey Bob why is the market down? crude is lower, shouldn't the market be up? are all the traders running out to fill up their tanks? Well Mark keep in mind that this is a low volume selloff and cheer up the market has had a terrific run in the unfriendly month of August and we are just 2% below the four year high on the SPX. In my opinion a real journalist would have asked the inquiring question of; Shouldn't we then sell some stocks since we are so close to the highs and aren't we heading into the real market unfriendly month of September? No such luck as real journalists are not employed at bubblevision.

Anyhow, the real action today is in the brokers as GS MER MS LEH BSC all get crushed on little news. CNBC of course is looking for the soft landing and noting the great action in drugs and consumers such as PG KO PEP etc. In light of the recent run up in those stocks they are probably much closer to sells than buys or holds.

Market internals show about 900 more losers than winners with winning sectors being semis, drugs, airlines and retail; leading losers are financials, metals, trannies and AAPL.

I have a downside target of NDX 1535/QQQQ 37.75 and will be covering shorts in that area should we get there today.