LOWER TRADE

Markets continue to trade down about 1% on the DJIA and down about .75% on the NAZ/NDX as the new IPOD's get pumped by AAPL.

Strong sectors include biotechs and internets while real estate, homies, reits, brokers and banks lag.

NYSE internals -1700; NAZ internals -980;

OEX - 9 WINNERS- AMGN HAL TXN BA GOOG IP BHI QBT WMB;

LOSERS- LEH ATI S LTD CSC TGT TYC AXP BAC NSC BDK NSM;

NDX- 23 WINNERS- SIRI XMSR CHKP GRMN AMGN EBAY AMZN FLEX JNPR XRAY YHOO; LOSERS- COST SHLD MICC SNDK NIHD QCOM PTEN LOGI RIMM;

DJIA 1 WINNER- BA- LOSERS AXP C HON;

Volatility indexes- down about 10% and about 5% below the 10 day SMA;

Other stuff of interest-

GREEN:

MTW CME NDAQ BBH DNA BRK.A LUK DVN NFX PXD XEC COH DECK HHH AMZN COMS EBAY TXN;

RED:

IR AIB CFC DFS MA WFC USB BSC ICE LEH MS TROW CMI HON XRT BBBY COST CROX GES KSS SHLD TGT UA SNDK RIMM CTSH AMAT;

The 2 day RSI on most of the major indexes sits at the 35/45 level and maybe another down day will yield another buying opportunity. I suspect we aren't done going down yet in the short term. Target- 1460/1465 level on the SPX - the 50% retracement and 200 day SMA levels.