NOON TIME LULL

Even though the markets act "resilient," I am not getting a warm fuzzy feeling as the DJIA is +25, NAZ +2, RUT -1.5, MIDS -1 and SPX +4.

The NYSE internals are flat while the NAZ is red by about 300.

The internals on the major indexes are far better with 7/3 up to down on the NDX and 3/2 green to red on the OEX. IBD 100 is 3/2 red to green.

Sectors also all over the map with banks, airlines, trannies, drugs and large cap value leading while silver, real estate, oils, semis, internets, semis, homies and small cap growth lag.

Interesting how PEP MO GE PG SGP PFE GILD PPH GS MER C JPM BAC WFC all green while BAM SLG RWX MS LEH BSC CME BOT XTO CAM FTO VLO XLE CTSH TXT all red.

Biggest winners include CPA SIMO TNH PCP NTGR PCR SNP C DELL JNJ WFC PG JPM BNI FDX PAYX DISH JNPR DISCA and ADBE.

Biggest losers include AMAT LRCX EBAY KLAC JOYG BRCM CDNS PTEN AKAM LTD ATI GM BHI WMB LEH and AA.

IBD losers include BID PRFT RRST TTEC TWIN TSO VSEA and HOLX.

Volatility indexes continue in the unchanged area as the markets chop around except for the biggest of the big which continue their move higher.

Small and mids continue their recent under performance and my guess is that it doesn't bode well for the market over the near term. I am still the bull and expect the old SPX closing high to be taken out before the end of the month and continue to be long the SPX Futures.