AFTERNOON TRADE

Markets are bouncing around in spite of the good news out of Big Ben with some good and some bad on the screens. The good, the financials such as BAC C CFC JPM MTB USB WB WFC GS BSC LEH LM MER are all trading up while the bad is big cap tech such as AAPL BIDU CSCO GOOG INTC MSFT and VMW are all trading lower.

Strongest sectors- airlines, trannies, brokers, metals and homies while oils, ags, semis utils and drugs are lower.

MARKET INTERNALS- NYSE/NAZ FLAT;

NDX- 40 WINNERS;

OEX -45 WINNERS;

IBD -40 WINNERS;

Key stocks- generally lower- Up- ICE GRMN CELG MER NYX RIMM GS - Down- POT BIDU NVDA BG WYNN LVS MSFT INTC;

My expectations are for the markets to churn at/near these levels as for now it doesn't appear to want to go lower than the recent lows. Upside also seems limited as lots of sellers appear to be around wanting to sell any rips. So probably range bound for now.