THE FADE

Markets opened at their highs and have faded since with the NAZ/SEMI sector dipping the most.

My guess is the bulls are not happy with this mornings fade as they wonder where the mark up folks/dippers may be. I am actually surprised by this reaction and expected a market ramp into the end of the month.

Strongest sectors include oils, drugs, real estate, large cap value, gaming and banks. Leading lower include semis, internets, brokers, tech, software, small caps, retail and metals.

Key stocks mainly lower with CME ICE in the green and SMH GOOG NYX solidly in the red. And just wondering how the guy who told Erin Burnett that the SOX index would double this year is fairing (Don Hays). The SOX index is down almost 2% today and has been crummy since about 2001.

Market internals also mixed with the NYSE +500 and the NAZ red 200.

The OEX with about 55/45 green to red; the NDX with less than 30 stocks in the green and the SPX about 50/50 between ups to downs.

The IBD 100 with 55/45 up to down as STLD MTL HWCC EVEP GROW and MIDD the best performers and SIMO DWSN WCG CPLA TZOO VSEA and ANST bringing up the rear.

Volatility indexes all trading near the unchanged lines.