THE CHOP

Markets seem to be meandering in a choppy fashion but under the surface- not so much as market internals are very red with 1160 net red on the NYSE and 570 net red on the NAZ.

VIX- still lower at 51.55 down almost 2%;

Volume- down about 1.5x the up;

TRIN- .58;

Crude up a bit at $40.35;

Gold down $13 at $914;

Tim G is speaking and rarely do the markets move higher during these moments- so maybe a bounce after he is done- markets are over sold and Dougie K. calling for a 2009 bottom now- tbd- probably choppy for the rest of the day on the major indexes.