MORNING TAKE

Markets are chopping around and every one's favorite Big Cap index can't seem to get past the 1,528 level or the old closing highs set back in March of 2000.

Strong sectors include gaming, oils, biotech, airlines, real estate and small cap growth. Leading lower are defense, internets, retail, trannies, banks consumers and semis.

Key stocks are mixed with MGM WYNN LVS NMX NYX ICE CME BOT GS LEH BSC MA C BAC JOE CTSH VSL DNA MRK GOOG AAPL all green while YHOO AMZN UPS FDX AMGN GILD TXT LM MER MS JPM SLG are all red.

Market internals are flat on the NYSE and NAZ but red on the big cap indexes, OEX/NDX, as each shows about 3 up for every 7 lower.

The IBD 100 is better (speculation) with about 55 up and 45 down.

Big cap winners include CSC AA GOOG COP TGT LEH WYNN LVLT MGM RIMM CELG and UAUA. Losers include SPLS MNST SNDK DISH NTAP PCAR BMY ABT GD LTD BDK and BNI.

Volatility indexes dipping a little and trade about 5% below their respective 10 day SMA's. Rule of thumb is that its tough for the markets to make much progress when they are more than 5% below their 10 day SMA's.