PRE BIG BEN

Markets have been trading near the flat line for a few hours with the RUT/MIDS and Large cap Value out performing.

Strong sectors include gaming, brokers, homies, oil service, internets and banks while software, semis, tech, metals and retail lag.

Winners- WYNN VRTX EXPD XMSR PTEN SIRI ADSK JOYG EBAY ROST LEH BHI ABT AIG USB AA MER GS GM MS NILE GMCR MR TLVT GSOL STP CMG DRYS GME ATN.

Losers- HURN UEIC CYNO PCR LAYN CHE OPY SPEC AXE KCI TRAK AES AVP EMC ORCL ATI GD HD DELL BUD AMGN RTN BEAS TLAB QCOM LVLT BRCM GENZ INTU ORCL SYMC.

Market internals flat on the NYSE/NAZ.

The OEX about even between winners and loser while the NDX is about 3 /2 losers to winners.

Other stuff:

Big Banks all green in front of Ben;

Big Brokers all green in front of Ben- CME in the red;

Gaming- green with rumors that Captain Kirk is back in the hunt for MGM;

Media continues to act crummy with DIS higher and the rest lower;

Oils generally green despite lower crude- Winners- CAM CVX DO EAC HAL HP RIG XOM XTO- losers- FTO PXD PWE TSO;

Retail primarily green with CROX COH DECK GES UA acting best;

Tech lagging with AMAT BRCM IBM MSFT TXN leading lower;

Up volume moving ahead of down volume 600/433 and Volatility indexes mixed with VIX down 2% and VXO up 5%.

GS and OIH both heading higher and FWIW the 50% retracement line is about $205 on GS and $176 on OIH. The 50% retracement on the SPX is 1,492, so rally probably has more to go although I bet with lots of volatility.

The 50 day SMA is only about 90 points above on the DJIA; 40 above on the SPX and only 6 above on the NDX.

Going out on a limb with a call for volatile trading this afternoon as Big Ben does his thing which will probably be very little.