MORNING MEANDERINGS

Markets, as expected are all over the board with leadership being found in the biggest of the market caps. The OEX is acting best, higher by 1% followed by the DJIA/SPX while the mids and small caps are generally flat.

Key stocks looking good with GS+3, AAPL +1, MA +2, CME+21, RIMM+3 and GOOG +3.5.

Strongest sectors include emerging markets, gaming, oils, drugs, reits and drugs. Weakest are homies, airlines and small cap growth.

Market internals are +650 on the NYSE and flat on the NAZ.

The index internals show a bit different story with the OEX leading with 80 up and 20 down while the SPX has about 360 up to 140 down. The NDX is the worst with about 65/35 up to down.

Volatility indexes are indicating some market stabilization with the VIX/VXO combo down by about 14%.

My take here is to be very careful with shorts as most "strategists" (including him) interviewed this morning on bubblevision were very leery and expecting lower prices after a higher open. Just wondering if the short term lows are in and again we leave those looking for a further correction behind.