MIDDAY PEAK

Markets are lower but off their worst levels of the day. Leading sectors are metals, steel, ags, oils and utils while banks, retail, gaming and brokers are lagging.

NYSE- 340 net losers;

NAZ- 740 net losers;

NDX-30 GREEN;

OEX-30 GREEN;

IBD-60 GREEN;

VIX- higher by 6% at 17.25;

Down volume 150% of up volume;

TRIN- 1.18;

Crude - under 126;

GOLD- 898;

Not looking for much more action this afternoon as markets probably hover near these levels. Looking to buy dips in the drillers as that has been a winning strategy for some time and I doubt it stops any time soon.