MIDDAY MOVES

Markets continue to trade lower and just off the worst levels of the day- All the big financials trade red - the list includes BAC C JPM MTB USB WB WFC GS LEH LM MER MS RJF CME ICE NDAQ NYX BEN BLK TROW- so unless something starts to turn there expect the major indexes to finish at/near their lows.

Strong sectors- metals, ags and oils;

NYSE- 970 net losers;

NAZ- 800 net losers;

NDX- 20 GREEN;

OEX- 10 GREEN;

DJIA - 1 GREEN (XOM)- losers- GM AIG C BAC HPQ AXP HD JPM;

VIX - moving on up (8%) and now at 21.15-

Down volume 3X the up;

TRIN- 1.62

Trend line support on the SPX at 1280- a line of the lows since the recent bottom in July- which I suspect won't hold - may hold today but going forward still looking at 1255 area;

RSI (2) levels on major indexes:

SPX 25

DJIA 22

NAZ 23

RUT 28