MIDDAY LULL

Markets continue to trade higher but well off their highs and lows. The DJIA +113, NAZ +16 and SPX +12. Brokers and banks continue to trade in the red and a strong close without them probably not likely.

Winning groups include metals, oils, ags, emerging markets, insurance and drugs- laggards- banks, brokers, telecom, airlines, real estate and reits.

NYSE- 1,200 net winners;

NAZ- 635 net winners;

NDX- 75 WINNERS;

OEX-75 WINNERS;

IBD - 75 WINNERS;

VIX- FLAT;

TRIN- .89;

Up vol about 2.5X Down vol;

SPX 1,360 area has been recent resistance and a flunk at that level again today would not be surprising. If we do get past 1,360 - then 1,390 the next level on the radar. Just not sure how we get there without BSC GS LEH LM MER MS CME ICE NYX NMX JPM C BAC WB WFC which are mixed today but dogs of late.