MORNING CHECK

Markets have open mixed with the DJIA down by 7, NDX flat and SPX up 2. The DJIA is leading lower due to the price weighted factor of the index as IBM is the highest weighting and it is down over $4 while MO, another big weight is down almost a buck. Leading the DJIA are AA JPM and XOM.

Strongest sectors are oils, metals, big biotech, homies, drugs, trannies, semis and utes; lower are small caps, airlines, internets, brokers, and retail. Big cap growth and small cap growth are leading large cap value and small cap value.

The NDX has about 40 winners to 60 losers while the OEX has almost 65 winners to 35 losers; the big cap SPX has about 280 to 220 ratio of winners to losers.

Overall the NYSE is about 200 to the green while the NAZ is about 330 to the red. Just about flat overall with a red skew from fixed income as the 10 year Bond is up to a rate of 4.77%.

There is an interesting trade on the YM as the Pivot point is near the 12,610 level while the pivot on the cash index is near 12,550. I suspect the DJIA is going higher as for what ever reason it just doesn't like to be under the 12,600 level on the futures.