SAME OLD SAME OLD

Markets are trading lower this morning led down by banks, brokers and insurance while metals, oils, and ags are lagging.

NYSE- 875 net losers;

NAZ- 600 net losers;

NDX-20 GREEN;

OEX- 23 GREEN;

IBD - 20 GREEN;

VIX- 1% higher at 20.65;

Down volume 1.5X the up;

FRE /FNM are both higher but I suspect that won't last long and folks shorting those stocks will ride them to zero.

Crude - higher by over $4 as the EURO moves on up to the 1.487 level;

Gold higher by $23 to the $840 area - as it didn't spend much time under the $800 level;

Still watching for 1255 area on SPX and have bought some DXD/SKF on the ticks higher- and where is the connection between the SPX and oil- looks a lot more like a connection to financials-

Be careful - as it is prime vacation season and the markets may get pushed around big time on the light volume.