NOON SWOON

According to our friends at CNBC, the markets are resilient and doing better than expected in light of the news out of Europe early this morning. Not sure why down 225 is resilient but if CNBC says it - must be true.

The RUT/NAZ/NDX are still the out performers as they continue to lose less than the big cap safety stocks.

Strongest sectors include real estate, semis, homies, biotech, airlines and gaming while brokers, financials, retail, metals, banks and value lag.

Winners MCHP LVLT CHRW ALTR AKAM FAST EXPE ADBE LAMR SNDK AVP PG MCD BHI EK GM DD KO CSCO PVG FLIR B ARD SYNA.

Losers- GS RF HD MS S HIG GD CBS ROK COF TYC AES C APOL RYAAY CTXS INTU LRCX LINTA S MICC UAUA BEAS DELL DISCA.

Market internals worsening as I type as the NYSE is about 3/1 red while the NAZ is a bit better than 2/1 red.

The NDX with 28 up and 72 down while the OEX is getting very ugly at 9 down to each gainer.

Volatility indexes up 20% with the VIX at the 26 level and up over 20% on the day and a hair below its 52 week high.

Other stuff:

Banks/Brokerages - all red with AIB C DFS MTB BSC LEH MS GS TROW the worst of the bunch;

Biotech and drugs- not much safety there as all are red cept for LLY;

Consumers have some green such as KO MCD PG SBUX;

Retail- lots of ugly action there with CROX DECK HD PVH SHLD TGT all bad;

Tech still mixed with AKAM CSCO CTSH IBM KLAC NVDA SNDK YHOO green and AAPL AMZN HPQ INFY INTC TXN all ugly;

Trannies- get your Buffet railroads as they are all red with CNI and CP down 2% plus;

Down volume about 4x down volume;

The 2 day RSI's on most major indexes - in the 30's so not oversold yet as these markets trade all over the board.