MIDDAY MEANDERING

Markets are lower again after a morning move higher led by the RUT - and another afternoon rally led again by the small caps is probably in the cards.

Strong sectors- metals, shipping, bonds, energy, drugs and telecom- lagging are gaming, junk, real estate and semis.

NYSE- 220 net losers;

NAZ- flat internals;

NDX- 30 GREEN;

OEX- 25 GREEN;

VIX- higher by .5% at 43.6;

Down volume 1.5X the up;

EURO moving up to 1.37 along with gold which trades at $856 while crude is down $1.25 at $41.5;

Looking for another afternoon bounce as it feels like a choppy day where dips can be bought and rallies sold- focusing on UWM.