AFTERNOON MARKETS

Most major market indexes continue to trade in a tight range near where they were at my opening look. The exception, the RUT which is now lower by .7%, which is down more than twice the average index.

Strong sectors include oils, homies, airlines, retail and mid caps; leading lower are real estate, semis, biotech, internets, metals, utilities and tech.

Key stocks generallly lower with some of the xchanges acting well. NYX ICE NMX WFC MA BAM AZN SYK MGM LVS CNI all higher while GS BSC CME C JPM JOE FLA RWX AMGN DNA WYNN UPS FDX all lower.

Big cap winners include BNI NSC SLB HAL COP BA SLE DELL BEAS SUNW PETM PTEN MNST UAUA and COST.

Losers- GENZ VRTX LLTC NVDA YHOO AMZN TXN NSM CAT XRX HPQ and MOT.

Internals continue weak with red 820 on the NYSE and red 900 on the NAZ. The OEXN 3/2 red to green while the NDX is worse at 3/1 red to green.

VIX/VXO trading in the 13.75 area and above their respective 10 day SMA's.

Pretty boring session and it looks like some consolidation ahead of next week. One area that continues to be weak is real estate as reits and reo's continue to under perform. Not sure what gives but I bet its a buying opportunity. Also looking to dip a toe into LVS.

A rally in the big cap indexes this afternoon would not surprise me and I will probably day trade it from the long side.