HALF TIME

After a choppy morning trade, markets are all in the black as I type with the DJIA+12, NAZ+6 and SPX +1.

I suspected the markets would head a bit higher as the semis and the NAZ were leading and did not fall back as much as the SPX/OEX/DJIA indexes.

Strongest sectors include tech, semis, internets, AUSTRALIA, silver stocks, metals, airlines, defense, utilities and retail while homies, gaming, brokers and biotechs lag.

Market internals, in the green, with NYSE +420 and NAZ +150 while the big cap indexes show flattish internals with the NDX acting best.

The brokers still act doggey as many are concerned about the supprime exposure and this week's earnings releases. GS LEH MER MS BSC all solidly in the red while the exchanges are generally green.

The VIX is up about 2.5% and trades at about 10% below its 10 day SMA; so the long side looks ok for a day trade but not sure I would get aggressive with anything longer term. Recent highs at the 1,410 looks like a good sell area and if that doesn't work, the 50% retracement area at 1,415 comes into play.