NOON SWOON

Markets have flipped to red after the opening herd gets taken again. After opening higher we find the DJIA flat , NAZ-10 AND SPX-3. The small caps are taking the brunt of the selling with the IWM down almost 1%.

Market internals have also flipped for the bears as the NYSE is -600 and the NAZ is -800.

Downside volume is also starting to trump the upside with 297M plus and 396 minus.

GS C and the gaming companies are still brightly green while financials and semis haven't flipped yet. Sectors that are/have turned red include oils, metals, AAPL, internets, GOOG, trannies, drugs, tech and software.

I suspect that most portfolio managers are just going to try to hang on to the gains made this year and will do what ever is necessary to preserve the gains. So probably not much upside or downside from here through year end.