MORNING CHOP

Big surprise as all the brokers and banks are trading lower (10:40 EST)- crude a smaller than expected draw and distillates in line with estimates- and crude trades at $137.3+1.2 ;

Strong sectors- steel, ags, metals, oils, shipping and utils while gaming, reits, real estate and financials lag;

NYSE- flat internals;

NAZ- 220 net losers;

NDX- 30 GREEN;

OEX- 35 GREEN;

IBD- 80 GREEN;

VIX- slightly higher;

Up and down volume about equal;

Don't be surprised to see the markets chop around for most of the day as that is typical action after a big move.

Big cap tech, which was strong yesterday - lagging this AM and maybe hinting to what we can expect later in the day.

Drug stocks continue to act well - check the charts on SGP AMGN etc;