NOON LOOK

Markets are well off their lows but market internals are failing to confirm any big turn around. Rates are still higher but off the highs and the utility index, has recovered about half the morning losses. RUT/MID's continue to under perform the bigger caps and the "tech heavy" NDX continues to out perform led by AAPL AMAT and INTC.

Strongest sectors although lower include biotech, semis, oils, large cap value and retail; lower are airlines, real estate, metals, trannies, homies and small caps.

Green stocks include LRCX ADSK AAPL LEH MCD GS AIG MA BOT ICE NMX CROX PEP FCX WYNN and DEL.

Red stocks- BTJ DXPE DRYS SNHY VCLK LTD ATI BNI BA EXC BDK ERIC WFMI CELG UAUA GOOG SHLD and ISRG.

Market internals very weak as there are about 3,200 net red on the NYSE/NAZ.

The OEX shows about 4 down to each winner and the NDX acts best with only 2 down to each winner.

Volatility indexes higher by 5% and still in buy signal territory.

Low 2 day RSI stocks include BDK DIS VRTX TLAB XLNX PTNR VCLK CENX RRST BWLD TTEC RS SSRI and RWX.

A bearish Liz Anne Sonders on CNBC - just remember she nailed the exact low in the SPX last year.

Overall, my take is that there will again be demand for equities once rates moderate and stop going up; when- sooner rather than later now that everyone is talking about it.