MORNING TAKE

Same old same old - as the markets head lower on the heels of lousy retail sales and a big warning from NOK.

Strong sectors- metals, drugs, biotechs and telecom while emerging markets, real estate, semis and oil service lag.

NYSE- 1850 net losers;

NAZ- 1240 net losers;

NDX- 10 GREEN;

OEX- 15 GREEN;

DJIA- 6 GREEN led by AA GM VZ KO MCD BAC;

VIX- up 4% at 62.25;

Down volume about 8x the up;

Hopefully the buyers show before the markets get very ugly - but after yesterday's big ramp and the move to flat earlier and the sale at those levels - I suspect a tough day for the bulls. Looking to short the rallies on the day.