NOON MARKETS

Markets not acting well today on the heels of higher oil prices and hawkish comments about Iran and North Korea from Dick Cheney? Not sure the VEEP wields much power in Washington any more as he and his hand picked Secy of Defense did not exactly hit it out of the park in Iraq.

My question is if terror and global instability are the reasons for recent market behavior, why are the supposedly less stable small and midcaps outperforming the stocks with the biggest market caps. OEX/DJIA/SPX again acting the worst of the major indexes.

Strongest sectors today include metals, oils, semis, utilities, retail, internets and tech. Worst groups are airlines, brokers, reits, finanicials, emerging markets, homies, software and trannies.

Market internals have improved and now a red 350 on NYSE and red 450 on NAZ.

The NDX is 40/60 up to down; OEX 25/75 and SPX 175/325.

The only key stocks solidly in the green are ICE KLAC and BIDU. GOOG MA MER MS NYX IAI all taking pretty big hits.

Silver stocks on fire and my old favorite SSRI taking a back seat to another old favorite, PAAS. I have sold some PAAS as it is a bit overbought and will attempt to buy it back when the metals sell off (any shot).