AFTERNOON UPDATE

Markets continue to chop with a lower bias as the only major index in the green is the DJIA. The RUT/MID complex continues to under perform as the RUT is lower by about .8%.

Strong sectors include biotech, oils, utilities, drugs and retail. Leading lower are silvers, metals, internets, brokers, trannies and small caps.

Key stocks are mainly red with the brokers (MS MER GS LEH BSC) very weak along with the exchanges. All the banks/financials are lower with MA and JPM acting the worst.

Big winners on the IBD list include RRST ACH SNHY TWIN BIDU SYNL and IGLD.

IBD losers include TTEC PRFT BLUD DWSN LFL OYOG and SPEC.

The DJIA acts best with half up and half down led by GM CAT HON T and AA. The OEX is about 2/3 up to down while the NDX is about 1/3 up to down.

Volatility indexes starting to percolate a bit with the VIX +7% and VXO +8% and about 8% above its 10 day SMA so just maybe some buy signals before the day ends. Also watch the SPX 1,500 level as it may act as round number support; 1,502 also today's pivot.