8.20.2008

MIDDAY SNOOZE


Markets are trading flat as the sell off in oil did not get the markets moving higher as the story continues to be the FNM/FRE situation-


DJIA +30, NAZ +3 and SPX +2;


Strong sectors- steel, ags, oils, telecom and utils while gaming, brokers, real estate and drugs lag;


NYSE/NAZ flat internals;


VIX- down 3% at/near 20.7;


Up volume a shade better than down;


Tough to call the afternoon as the markets just seem to want to oscillate between green and red-

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