MIDDAY UPDATE

Markets continue to meander mixed with Big Cap DJIA stocks outperforming Small Caps and the Tech group and NAZ.

Market internals are flat on the big board while red to the tune of about 600 losers on the NAZ.

Sector leaders include oil service, metals, cyclicals, trannies and brokers. To the downside, find airlines, GGOG, software, semis, drugs, biotechs and consumers.

Stocks higher include AMGN, PAAS, SSRI AND GS; those lower include ORCL GOOG MSFT JPM EBAY BAC and QQQQ. SMH and SWH are battling it out to see which will do worse and as I type its SMH.

Volatility indexes are flat while the 10 year Bond hangs in at 4.83%, which is considerably up off its recent lows of 4.55% at the end of September.

My trading for the day has been virtually non existent as I don't trust either side. The YM, my vehicle of choice has been trading in between its resistance and pivot point all day and until we get to one or the other I will probably sit it out.

The question to ponder now is will the NAZ bring down the other markets as it starts to under perform? And are we seeing the a rally starting to emerge in the oil service group?