NOTE TO HAINES

Hey Mark, the futures close after the stock market closes hence if the futures crash after the market closes they will be way below fair value - hence the difference this morning- nothing to do with Chicago futures traders being smarter or dumber than New York stock traders.

Anyhow, major indexes are down with the exception of the NDX which is being led by the semis which may be a pre cursor to a rally some time today. The worst performing index is small cap value which is down about .5%.

Strongest sectors so far include biotech, semis, software, drugs, tech and retail while oils, metals, trannies, financials and airlines lag.

Market internals show about 1,000 net red on the NYSE and about 500 net red on the NAZ.

The NDX almost evenly split between winners and losers while the OEX has about 3x as many losers as winners.

IBD 100 with about 4x losers to winners.

Volatility indexes flattish and still way over bought near 120% of their respective 10 day SMA's.

Winners include CLB GSOL WRNC GRMN MRK ORCL DELL BDK VRTX NVDA GS BSC CME SLG.

Losers include S MICC IACI JOYG ATI DOW GOOG RIMM CF POT HOC DXPE SYNL ICE and MTW.

I have picked up some EWA on this mornings sell off and am looking to add to index ETF's. Watching BSC GS closely for a signal that the worst is over and I suspect it is.