NOON SHOOTDOWN

Markets are trading at session lows as the dippers couldn't get anything done and then news on mortgage delinquencies hit the markets.

The DJIA is lower by 115, NAZ -30 and SPX -13. European markets also selling off and down about 1%.

Oils and biotech are the best sectors while everything else is in the red with the worst being silvers, homies, metals, brokers, real estate, finanicals and small caps.

Key stocks are all red with GS giving back all the morning gains after the conference call.

Market internals continue to be very bearish with a net 3,300 net losers on the NYSE and NAZ.

The OEX/NDX indexes each with no more than 15 winners while the SPX with about 65 green out of 500.

Biggest winners include COP ETR T ABT BAX AMGN XOM QCOM EXPE and ESRX.

Biggest losers inclue NTAP MRVL MICC CTXS LOGI INFY LEH MS TXN TGT MER and DELL.

Volatility indexes way up with the VIX/VXO combo higher by 17%/11%. Both trade well under their 10 day SMA despite today's bounce.

Yesterday's 2 day RSI near 90 on both the SPX and DJIA was a pretty good signal along with the over sold volatility indexes. Just wish I would have sold more.