NOON LOOK

A little troubling as the markets can't rally with crude down 2%+ so any bounce back in oil could be very troubling for equities.

And what is happening with the shippers- check the charts on DSX TBSI DRYS- all crushed and down about 20/30% from the highs of about 10 days ago.

European markets - FTSE down .3%, DAX +.1% and CAC -.6%;

VIX- higher by 4.5% and trading almost 14% above the SMA 10- but I am not ready to load the boat yet;

Down volume a hair more than up;

TRIN- 1.53;

RSI (2) levels;

SPX- 9

OEX -9

DJIA 6

NAZ 45

QQQQ 55

RUT 45

MID 23

GS -0

XBD 22

BKX 17

Note GS hovering at/near the $171 level and half way from the recent high of $203 and the low of $140- yes the 50% retracement.