NOON UPDATE

The markets continue to bounce around the unchanged levels with internals showing a slight bearish tilt (-200).

Sector winners include semis, airlines, retailers and internets; losing sectors are metals, biotechs and oils.

DJIA components are about 50/50 between winners and losers with the best being AIG DIS INTC DD and MCD; losers are BA PFE MRK T XOM and JPM.

The markets look like they want to drift higher as the IWM is outperforming the bigger brethren and the SMH is higher by almost 2% as the NAZ is near the unchanged line.

Crude is way lower on any of a number of items including, fears of less air travel, a slowing economy, comments from OPEC saying do not worry about supply, "we will take care of you."

The OIH, chart above, is starting to look a bit tenuous as lower highs dominate. I am short the index and will trail my stop closely as this ETF always manage to turn higher just when it looks like it will crater.