MORNING MARKETS

Markets trade mixed one hour into the show but small/mids and the NAZ are beating up on the big caps. Rates are moving up as the 10 year trades to 5.11%

Strong sectors include reits, real estate, gaming, airlines, small cap growth and oil service while internets, semis, banks and trannies lag.

Big winners include GOOG RIMM WMB HON AAPL UAUA BTJ TNE TLVT NVEC PCR BHP OPY and TWIN.

Big losers include ACH WBD RRST DWSN SYNA GM F HAL TWX PTEN ATVI JOYG FLEX AMAT INFY and FISV.

Market internals are flat on the NYSE/NAZ while about 3/2 red to green on the NDX/OEX.

A build in crude is causing a modest sell off in the oil sector after moving higher earlier this morning. Expect lower prices to be bought - just seems to happen every inventory day when numbers are bearish. And this guy on CNBC as I type- very bearish- just wish Liz et al would ask him how long he has been bearish- never - he could say 2003 and then how would the journalist feel?

EWA at an all time high this AM on the heels of higher metal stocks especially BHP. Still buying all pullbacks on EWA.