MIDDAY LOOK

Markets continue lower in early afternoon trading with the DJIA -30, NAZ -15 and SPX -6. Banks and brokers are well off their lows and could be signalling better action later in the day.

Strongest sectors include gaming, metals, oils and defense while biotechs, drugs and retail lag.

NYSE - 1150 net losers;

NAZ - 1100 net losers;

OEX - 20 WINNERS;

NDX- 15 WINNERS;

GREEN stocks- LRCX WYNN S VRSN YHOO KLAC F CAT GM HPQ S NSM XOM CVX SLE BIDU SNDA CMED LIFC AIRM SYNA LAYN CLB CF CMG;

LOSERS- SPEC HMSY VSEC OII NVO VIP MT BLUD RYAAY IACI UAUA ERTS AMGN SHLD EMC EK XRX BNI EXC TWX AMGN;

VIX +6.5% - more than 5% above the 10 day SMA- not putting much stock in that signal as we have Fed day tomorrow- VOLATILITY;

It is just a waiting game for tomorrow and I said it before, I will say it again - hopefully we get a nice sell off - to be bought;