MIDDAY THOUGHTS

Markets have sold off again just like they did on a strong day last week. The DJIA has rapidly lost 100 of its 150 point gain, the NAZ- down 11 and the SPX up 3 after being higher by 15.

Sectors acting best include internets, utils, trannies and defense while ags, gaming, financials and tech lag.

NYSE- flat internals after being way bullish;

NAZ- 440 net losers;

NDX- 30 GREEN;

OEX- 60 GREEN;

IBD- 55 GREEN;

VIX- higher by 3% at 17 and still way oversold at 8% under the SMA 10;

Up and down volume approaching equalibrium;

RSI (2) levels:

SPX 97

DJIA 92

NAZ 51

NDX 49

RUT 43

MID 74

Still in over bought territory although big falls on the RUT and the NAZ/NDX over the past few hours.

This fish will wait for better entry points for longs- Not going to put out lots of index shorts as I suspect this sell off won't last all that long.