AFTERNOON SNOOZE

Markets contine to trade mixed with S's over N's and big caps over small caps. The DJIA has even busted through to the green in spite of the crummy housing numbers.

I don't expect much action this afternoon as next weeks holiday trade probably starts today.

Sectors acting best include oils, metals, drugs, biotechs, brokers and internets. To the downside, airlines, gaming, trannies, semis, tech and retail.

Market internals continue red with about 1,500 more losers than winners.

Volatility indexes are lower again and getting ready to sink under the 10 level, probably in the holiday shortened trade next week.

Oil and the oil services stocks are making a bit of a comeback on the heels of the lowest crude price in 2006. Interesting how the low on the OIH was about 118 six weeks ago when crude was higher.