MORNING LOOK

Markets are trading down on the heels of the not so stellar BAC earnings report which is also impacting many of the big banks. BAC is lower by 3.6%, C -1.5%, WB and WFC, each down about 2%.

DJIA down 20, NAZ down 10 and SPX down 4.

Strongest sectors include metals, aussies, oil service, trannies and drugs while chinese stocks, internets, biotechs, homies and brokers act the worst.

Key stocks, about 8 up and 32 down with ISRG TIF ICE BIDU POT MO XOM RIMM higher and BAC DECKKLAC LVS NVDA MS UA CROX WYNN and MER leading the losers.

Market internals not that bad with NYSE at 570 net losers, NAZ at 500 net losers;

OEX -35 WINNERS;

NDX -35 WINNERS;

IBD 100-50 WINNERS;

Gainers- GSOL DSX ISRG GMCR WMS CMED CRNT TRAK SLT LOGI LVLT APOL AKAM DELL FLEX BAX BNI IP NSC ATI ABT AA F WMB;

Losers- ALL BAC COF RF WM TXN WFC AXP LEH HIG JPM EBAY CTXS AMAT KLAC LRCX CTSH SNP ACM LFC SSRX CHL BTJ EJ MORN MBT;

Down volume almost double up volume and the TRIN again over 1 at 1.09- if it closes there it will be four days in a row and that is typically a buy signal.

Volatility indexes hanging in and only up about 2%;

The markets appear to be range bound and I will take it as a positive as they don't go down much on the bad news. They also don't go up on good news as that information is quickly sold, note yesterday morning.