BOUNCING AROUND

Big caps continue to hover near recent resistance (1,390 SPX, 12,200 DJIA), while the "tech heavy" NAZ continues to move higher on the heels of the good news out of CSCO.

Sector leaders this morning include metals, tech, internets, semis and oils. To the downside, airlines, drugs, trannies, biotechs, brokers and retail.

Market internals slightly red with about 600 more losers than winners.

DJIA componenets evenly split between winners and losers with HPQ MSFT and BA leading while MRK JNJ PG UTX and PFE are the biggest losers.

GS is starting to underperform the major indexes and may be giving a signal that the market is due for a correction/pullback. So far this morning its down over a buck.

Natty gas inventory coming out at 10:30 (heads up) and silver stocks are starting to move higher again.

Volatility indexes again refuse to budge from the 10.7 area and complacency continues.