NOON UPDATE

The markets have broken lower on the heels of poor economic news and what Bob Pisani describes as a lack of buyers. Not sure about the latter but lower prices are in fact lower prices regardless of whether its cause is motivated sellers or unmotivated buyers.

Market internals have flipped to the red and now show about 1,250 more losers than winners with the only gaining sectors being oils and drugs. Losers are all the rest with airlines, retailers and internets doing the worst.

Areas where we might see some support are 129.15 on the SPY (pivot support level) and 37.75 on the QQQQ, the gap fill area from mid month.

A key tell lately has been the lousy performance of the IWM and if that continues, I suspect we have much lower prices in front of us.