AFTERNOON LOOK

Markets are mixed this afternoon with the DJIA trading within 20 points of 14k and the SPX/Wilshire 5k both red. The SPX is lower on the heels of a sell off in the crude patch where recent winners VLO FTO TSO HOC are all trading poorly.

Strong sectors include semis, defense, banks, trannies, tech and small caps while oils, real estate, drugs and retail continue to lag.

Winners include RIMM AAPL CAM LVS INFY LRCX NVLS SNDK AMAT FLEX AXP CSC DD AVP DOW MSFT BNI FCSX DRYS VCLK CPLA OPY CPA and DECK.

Losers include GS CME ICE NYX MER BSC MA OIH XLE AMGN DNA CTSH MTOX BTJ WFR WNR FTK JNJ S RF VZ SLB GM SEPR VRSN ATVI JOYG LVLT and GRMN.

Market internals have flipped to flat on the NYSE/NAZ while the NDX still trades bullish with 3 up to 2 down while the OEX trades flat.

Volatility indexes a bit higher as the VIX/VXO trade at 15.5/15.75 - near the 10 day SMA.

The SPX turned down on the heels of a sell off in the crude patch as the index is loaded with oil and oil service stocks. Any wonder why the SPX tends to go up when crude oil rises?

Brokers also act punk on supposed good earnings news from MER. GS continues to disappoint as it can't seem to return to its pre earnings steady move higher.

The ag group also with problems today as AGU BG DE MON all red;

Biotech and drugs continue to act lousy with today's big losers being JNJ LLY MRK AMGN DNA and GILD;

Gaming has seen some of life of late as WYNN and LVS have suddenly turned up on the charts and may play catch up to MGM- LVS down 7% ytd while WYNN is up 4.5%- MGM +50%;

Metals having another lousy day and my purchase of BHP yesterday was a bit premature;

Real estate is funky yet again despite the recent steady rates; BAM and SLG may be buys here;

Tech is mostly green with SMH AMAT INTC KLAC RIMM SNDK acting best; curious to see if the semis sell of tomorrow on earnings from INTC;