NOON SWOON

And just like that the markets head lower on the heels of some rumors regarding BSC- stock down 13% as I type while C breaks the $20 level. Remember how it was cheap at $30 - just wonder what kind of steal GOOG is here down at $420 and $325 off the highs.

DJIA -98, NAZ -25 and SPX -15 and under 1280. Remember the low and 61.8 FIB number is 1,270.

Sectors in the green- SEMIS- tech, gaming, utils with relative strength while ags, airlines, brokers, biotech, metals and homies with weakness.

NDX- 20 GREEN;

OEX -29 GREEN;

IBD 100- 9 GREEN;

NYSE- 1500 net losers;

NAZ -1050 net losers;

VIX +5%;

TRIN 1.59;

RSI (2) levels:

SPX 3

DJIA 2

NAZ 4

RUT 3

Five year Treas. yield at 2.335%- lowest since June 2003- 10 year at 3.46%;

Time to cover shorts here and now for a short term bottom - wouldn't surprise me - but would probably be happier putting out shorts at higher levels. FEAR in the air- a little anyway.