NOON LOOK

Markets continue to trade lower with the only green on my screens being metals, KLAC and GS. Market internals are telling a bearish story with with about 2,800 more losers than winners.

The volatility sisters of VXO/VIX are making a slow climb back to the favored bar mitzva level of 13, but hardly a sniff of fear.

Small caps and tech not including semis are taking it on the chin as the QQQQ has now dropped to the 39.75 level or about a dollar off its high from yesterday. AAPL AMGN and biotechs are helping the QQQQ lower and those stocks may just drag the rest of the markets lower with them. Brokers a little brighter sign as GS keeps the green and I guess that buyback announcement is giving it some jig in spite of the broader sell off.

Interesting how in just a few short hours of trading yesterday and today, the major indexes are back to where they were ten days ago on September 12.

My game plan is to look to short the pullups here as there are very few signs of a bullish turnaround.