MIDDAY TURN

Markets are all over the board but primarily down now as I type with the ABK news finally out and sold despite Dennis Kneale's feeling that the market will love the news. Eh Dennis, the news was baked in the cake days ago as it rallied when ever Gasparino's mug was on the screen.

Weakness across the board now in the brokers/banks with the XLF lower by 1.3% after being higher this morning before the AMK news.

Strong sectors- oils, metals, internets, emerging markets and semis while airlines, biotech, financials, utils and drugs lag.

NYSE/NAZ internals FLAT;

NDX - 50 GREEN;

OEX- 40 GREEN;

IBD 100- 75 GREEN- (oils/metals);

IBD 20- 12/20 GREEN led by FLSR GG OXY HES POT PX CNQ RIG;

VIX unchanged;

TRIN- 1.34;

Down volume a hair move than Up;

The 1,340 level on the SPX was soundly rejected this morning and a drift down and a break of the recent lows from yesterday are probably in the cards before the end of the week. Not sure of what a catalyst will be to keep that from happening.

Finally, markets not happy with ABK as it is down by 15.5%;