NOON BOUNCE

Markets have bounced a bit into the noon hour after swooning to the 1335 level on the SPX. As I type the DJIA -80, NAZ - 18 and the SPX -8 to 1342.

Strongest sectors include drugs, trannies, utils and steel with the XBD broker dealer index rallying to the flat line- laggards include banks, gaming, semis, retail and tech.

NYSE- 1360 net losers;

NAZ- 1050 net losers;

NDX -15 GREEN;

OEX- 20 GREEN;

IBD- 35 GREEN;

VIX -higher by 3.5% at 21.9;

TRIN- 1.39 with down volume almost 4x down;

GOLD $889;

CRUDE $133;

Doubt we see much of a ramp from here as the internals are pretty horrid so if you want to daytrade, my guess - short the rallies and wait for lower prices to get long.