THE CHOP

A snoozer of a day so far as markets chop between green and red with the small caps leading and large cap value lagging.

Strongest sectors- biotech, real estate, shipping energy and metals while utils, defense, telecom and tech lags.

NYSE- 150 net winners;

NAZ- 500 net winners;

NDX- 45 GREEN;

OEX- 45 GREEN;

VIX- down 2% at 44.8;

Up volume a bit better than up;

Gold and oil a bit higher while natty gas moving lower;

$$$$ higher while EURO lower;

The banks index is higher - but don't be fooled as BAC GS CME NYX all lower;

The RUT is leading but way off the highs of the day.

Looking for more choppy markets for the balance of the day and this fish isn't doing much at all- sitting with some longs and waiting.

Turnaround Tuesday - no laughing matter;

The TBT Goldmine;

And the long and the short from Dougie Kass:

"I remain of the view that the S&P 500 will be within a broad range of approximately 10% in either direction for the foreseeable future, with downside risk and upside opportunity roughly in balance.

With that expectation, investors should continue to err on the side of conservatism and should focus on the return of their capital as opposed to the return on their capital."