NOON SWOON?

Break In- Larry Kudlow with an exclusive interview of Vice President Dick Cheney- VP reiterates all the same positions (keep taxes and spending low, spend spend spend on defense and watch out Iran) he has had for the last seven years oh and sees no chance of a recession in the US or a market crash reiterating the position of administration economists. Back to you Trish and thanks for the great stuff CNBC. And when exactly was the last time an administration's economist predicted a recession?

Contrary to what one may hear on TV, metals and emerging markets are the place to be and not tech as the semis are red yet again and the NDX/NAZ have given back about 1% of the morning gains. The SPX was rejected at 1,530, about the half way point (50% retreacement) between the recent high, 1,575 and low, 1,490.

Aside, from metals and emerging markets, brokers, internets, integrated oils and utils are leading while airlines, trannies, semis, oil service, reits and semis are lagging.

Market internals have come well off their best levels as the NYSE has 800 more winners than losers while the NAZ has about 350 to the plus side.

NDX with about 50 in the green and OEX much stronger with 70 winners.

IBD 100- 65 WINNERS.

IBD 20 with 15 winners led by MOS MA FCX HPQ SLB JNPR and CELG;

Biggest winners- EJ HDB VIP SLT MTL MSFT NIHD JOYG FLEX DELL NTAP HIG MER ATI BMY MS CSCO LEH;

Biggest losers- BHI CI GM NSM RTN CMCSA BUD BEAS UAUA CHRW AMAT LRCX APOL SYMC WCG VSEA VDSI VMW BTJ HDNG;