MIDDAY SURGE

Markets heading lower as crude is moving on up - now at $123+ on the heals of the big inventory draw down.

Sectors in the green include steel and junk bonds while financials, banks, trannies,homies, brokers and gaming lags.

NYSE- 660 net losers;

NAZ- 700 net losers;

NDX- 20 WINNERS;

OEX-20 WINNERS;

IBD-40 WINNERS;

WINNERS- GENC MTL CLR ENS ACI SID POT CEPH DTV HOLX DISH LBTYA GOOG WFMI DIS EP NYX BDK ATI IBM HPQ;

LOSERS- AKAM WFC MER AXP LEH FDX HIG CTSH INFY CHRW FMCN WYNN LVLT CELG PCAR FISV MER AXP FDX GM;

VIX- higher by 4%;

TRIN- 1.24;

Down Volume about 2X Down;

Markets still over bought and a move down to 1400 on the SPX would not be surprising in light of the recent ramp off the bottom near the 1250 level. Oils looking good as the OIH has flipped to green and stocks such as DIG RIG SLB NOV XTO APA APC CAM CNQ NBR all look good for dippers. Note the OIH was over $215 while crude was considerably lower a few weeks ago.

I like the quote on Briefing.com "SP simply trading inverse to crude today." Yup.