CHOP CHOP

Markets trade flat with NAZ slightly higher/ DJIA flat / SPX slightly lower.

Market internals continue to indicate a choppy trading day with 300 more losers than winners.

Sector leaders include internets, airlines, brokers and biotechs. To the downside, metals, trannies, semis and retail.

I am watching interest rates as they are starting to tick up off their lows of a few days ago. My guess is that if rates tick up, stocks tick down. Oil also on the screens but as it trades down this AM, the oil stocks are mixed to slightly higher.

On the all important DJIA, HPQ DIS VZ GM lead while DD XOM AXP GE and KO lag. My worst fear is that this DJIA just bounces around these levels and the journalists on CNBC continue to harp on how far above or below the record we are at any particular time during the day. UGH.