MIDDAY SWOON

Markets have turned lower in the mid day trade and their are some interesting quotes on the screen. The financials are again getting crushed as are oils while tech and retail are doing ok.

The big issue, the VIX- lower by 5% while the SPX is also lower by almost 14. Hmmmm.

Strong sectors include metals, semis, reits and gaming while brokers, banks, oil service, homies and large cap value lags.

MARKET INTERNALS - NYSE 125 net RED- NAZ 450 net RED;

NDX- 35 UP 65 DOWN;

WINNERS- GRMN RIMM DISCA AKAM SEPR SNDK LAMR;

LOSERS- INTU PTEN WFMI INFY DISH NTAP CELG VRTX;

OEX- 33UP 67 DOWN;

WINNERS- AA TYC TXN F EMC CI BMY BNI CCU;

LOSERS- COF LEH XRX HIG JPM MER WMB GS ALL HPQ EXC;

IBD 100

55 UP 45 DOWN;

WINNERS- BCSI SCG BTJ FSTR VSEA GES GME WFR DRYS BIDU;

LOSERS- DK TTEC PCP OPY MTL CPLA OII ANDE WNR ARD DWSN;

Other big losers on the day:

BSC GS LEH LM MER MS CME NFX PXD SLB VLO XOM BAC C BEN CFC JPM MTB TROW WFC AMGN CELG GILD SGP;

Markets look ready to resume the down trend as the fade the rally trade takes hold. Can't say I blame them as more bad news looks to come out before to long.