NOON NOWHERE

Markets a bit lower at the Noon hour with the DJIA -49, NAZ -8 and SPX -5. Small and Mids a hair worse than the big cap indexes.

White House says US GDP report does not change outlook and like GM they also don't expect a recession. Although I can't tell you which administration ever said "yes a bad recession is right in front of us." Especially for a guy who is looking hard for a legacy.

Sectors working include airlines, trannies, utils, semis and defense while oils, homies, drugs internets and banks are lagging.

Key stocks- 15 out of 40 GREEN- UA VMW RIMM BG GE INTC PG MCD GS AAPL XOM;

Market internals- a hair to the red side with the IBD 100 getting hit the worst;

Down volume not quite 2X Up volume;

VIX -higher by 2%;

TRIN- 1.19;

I am doing little in front of the fed announcement and I suspect we get either 25 or 50 bps cut!!!