FALSE RALLY

Markets are trading slightly lower but the internals are telling quite a different story.

NYSE -1385;

NAZ -525;

OEX 33 GREEN;

NDX 50 GREEN;

As I mentioned on my TWITTER page- country CDS rates soaring and EURO sinking as lots of folks now fearing Eastern European debt-

COUNTRY CDS SWAPS AS FOLLOWS- IRELAND 395 GREECE 285 ITALY 198 SPAIN 170 US 94 FRANCE 85 GERMANY 77-

Closed out my JPM for a nice gain and looking to short the pullups for now as the internals are telling a pretty grim story.