MORNING LOOK

Markets trade higher led by trannies, drugs and defense while oils, real estate, brokers and airlines lag.

Big winners include S WFMI MICC GRMN ATI AA COP BDK SPTN DRYS MTL BTJ TEX WBD CNH NYX NMX CME ICE BOT and SNHY.

Big losers include BSC GS LEH LM MER MS FTK SPAN DWSN CAE BWLD BHI COF AIG MS GS INFY RIMM SHLD and KLAC.

Market internals are flat on the NYSE/NAZ while the OEX/NDX group are better at 3/2 winners to losers.

Volatility indexes about flat and in over bought buy territory.

Value and small caps are again under performing while brokers are getting slammed;

Tech also not performing well as AMAT CTSH INFY INTC KLAC NVDA RIMM TXN YHOO all lower;

Rate on the 10 year at 5.04% and may give some jig to equities as they seem to have stabilized lower;