MORNING LOOK

Markets are lower this morning with the big banks taking the brunt of the hit. The DJIA -135, NAZ -30 and SPX 19.

Strong sectors- metals, EURO, ags and oil service while banks, gaming, brokers, real estate and semis lag.

NYSE- 1280 net losers;

NAZ- 960 net losers;

NDX-15 GREEN;

OEX- 20 GREEN;

VIX- down 3% at 31 area and very odd it is heading down while the market is way down;

Down volume more than 2X up;

So much for the rally as markets are tanking early- good news from GS/MS not helping and 1235 on SPX looks like next area of support- if those don't hold - could be back to 1215.

Bought some GLD this morning and will look to add as the dollar gets pounded and metals/commodities move up.