MID DAY CALL

Markets continue to trade lower but in a fairly tight range as the big caps continue to do less worse than the small/mid caps. The DJIA is -10, NAZ -8.5 and SPX -2.5.

The feather in the bulls cap is the action in the banks, which continue to trade in the green with JPM BAC and C all higher.

The bears have just about all the other sectors going there direction.

Airlines retail and banks act the best while gaming, oils, brokers, internets, biotech, semis and homies are leading lower.

The DJIA acts best among the big indexes evenly split between winners and losers with AA HD KO GE and MCD acting best while AXP DIS BA UTX INTC and AIG act worse.

The OEX/SPX combo have slightly more winners than losers with CI HIG KO AEP and WB acting best and BMY TXN MS AXP BHI LEH and GOOG acting worst.

The NDX has the worst internals with about 26 higher and 72 lower with NVDA ESRX AAPL ADBE and ISRG the best of the bunch and XMSR CMCSA BRCM EBAY SIRI and MRVL the worst.

Key stocks are all lower cept for AAPL which is still higher by a buck and change on the heels of an upgrade this AM. The worst of the brokers/xchange stocks include NYX MER MS CME BOT and ICE. GOOG and MSFT continue their recent losing streaks as GOOG IS nearing the $450 level and down another $6.

The Volatility indexes (VIX/VXO/VXD have given some buy signals as they rose to the 110% of the 10 day SMA's.

Bernie Schaeffer has an interesting article up on Forbes.com and is looking for a rally as he expects out of the money puts to be sold causing some index buying.