MIDDAY

The big cap rally continues as the DJIA is +115, the SPX +8.5 and the RUT/NAZ +1. So the long time out performance of the small caps is done as they now trail the SPX/DJIA on the year with only a 5% gain vs. a 6%+ gain on the big cap indexes.

Market internals also very interesting with the NYSE +800 and the NAZ flat. The OEX about 9/1 up to down while the NDX is 5.5/4.5; so something definitely shifting in equities and the question is where from here.

Strong sectors include silvers, oils, banks, metals, trannies, utilities and large cap value- Leading lower are big cap biotech, airlines, internets, semis and reits.

The OIH and XLE rarely have a down day and BAM is speculated to be a Buffet take over byrealmoney's James Altucher.

Big winners inlcude MTOX CNH HDNG HURN USAP DXPE SSYS SLB MMM AA AES BNI NSC and TYC.

Big losers- AMGN NSM BDK WY MDT TGT AKAM AMAT SBUX MXIM NTAP and WFMI.

Volatility indexes about unchanged and a sell off into the end of the day would not be surprising.