MIDDAY MARKETS

Markets continue to be under pressure as year end tax selling seems to be dominating today's action. The DJIA -91, NAZ -23 and SPX -10. The RUT is again the worst performing major index, down over 1% and may be the index to own for 2008.

Strongest sectors include real estate, homies, reits and airlines while metals, telecom, internets,oils and small caps lag.

Key stocks- primarily lower as UA VMW MA ICE ISRG NYX INTC BAC and AAPL are green while BG RIMM DECK BIDU LVS WYNN MS CELG MTW and AMZN are leading lower.

VIX- higher by about 8% and trading about 8% above the 10 SMA;

NYSE- 930 net losers;

NAZ- 1,180 net losers;

NDX-20 WINNERS;

OEX-18 WINNERS;

IBD 100-20 WINNERS;

WINNERS- HRBN CMED OXPS FSTR END DWSN BAP VMW WX CLB UAUA MXIM LAMR AMLN CTXS ISRG HANS AXP LTD JPM ALL GD CCU BDK;

LOSERS- DELL TYC ATI CSCO T CVX VZ NXY MS IBM JOYG TLAB JNPR NTAP STLD RIMM GENZ SNDK CYBS ININ DSX TISI LKQX BUCY ABAX ARD ARGN VIP;

RSI (2) levels nearing buy territory:

SPX 16

DJIA 11

OEX 15

NDX 16

RUT 10

Technically, we have sunk below most of the major moving moving averages on the major indexes but tax selling may have lots to do with the recent action in equities. I will let it go at that and will probably look to buy later in the week.