MORNING CHOP

Markets are lower led down by the NAZ and the NDX- the recently crushed RUT seems to be acting best among the major indexes.

Strong sectors- gaming, oil service, metals and ags while emerging markets, semis, brokers and retail lags.

NSYE/NAZ flat internals;

NDX- 35 GREEN;

OEX- 40 GREEN;

VIX- a bit higher at 69.3;

Up and down volume about equal;

GOLD- $765;

Crude- $66.5;

EURO- 1.28;

Typically after big rally days like yesterday the markets tend to chop on the next day and with today being a fed day - well probably even more chop.

And FWIW- 50% retrace on the SPX 1044 high and 840 low gives us about 942 as the next big area of resistance- so sellers may show up near there.