SLOW TRADING

The markets continue to trade lower with the worst performers being semis, trannies, small caps and oils. The only group in the green, the retailers and that is by fractions.

Market internals continue to be bearish with about 2,000 more losers than winners.

SMH is one of the worst performing ETF's based on the trade in ADI and I have taken a long shot in light of the 2.5% drubbing .

Also, note that the Pivot Points of the SPY (127.05), QQQQ (36.66), and DIA (111.1), have been initial resistance and the area of rejection this morning, my guess is another attempt at the those levels may be successful.