THE NOON TRADE

So not sure if the guy formerly known as the Maestro is holding the markets down with his comments, or if its commodities heading up, or general intermediate term overbought conditions holding the markets back in light of the brisk takeover action. Anyhow, we are trading primarily lower.

Strongest sectors include utilities, oils, metals, drugs, large cap value and biotechs. Weakest are trannies, gaming, airlines, brokers, defense, reits, semis and tech.

However, with all that said, my portfolios are heading higher thanks to the Barron's Bounce (BAM) and nice action in TIF CHK XTO PAAS OIH FTO XLE NOV and VLO.

Key stocks are mainly lower with poor action continuing in IAI GS MER MS LM GOOG MA AAPL CME and BOT. RIMM BIDU and ICE are moving higher.

Market internals remain mixed with the NYSE flat and the NAZ -500.

The internal action on the indexes is also mixed with the NDX 35/65; SPX 200/300 and the OEX 50/50.

One equity that I am scaling into is RWX, an ETF that invests in international real estate companies. I like the diversity and suspect some of the holdings will be home runs over the next few years. There are mutual funds in the space like FIREX and EGLRX but I like this ETF better. Also, I anticipate this will be a very long term holding (4 ever).

And who exactly is going to miss Jan Ullrich on the Tour de France?