NOON LOOK

As predicted on the opening post the markets have gone nowhere today (so far) as the SPY has traded in an ultra narrow 34 cent range while the QQQQ is a little more volatile with a 23 cent range.

Sectors leading the way higher include internets, SMH, biotechs and retailers; leading on the downside include metals, airlines and oils.

Market internals basically flat with almost 500 more winners than losers.

The financials and the brokers still seem to have the key to the kingdom in my opinion and the way they break will be the direction of the markets.

I suspect lower from here and am leaning short with SPY and QQQQ.