MIDDAY SLIP

Markets moving down after a higher open and the biggest loser - the NAZ- FWIW- SPX also trading down as GE WFC JPM XLF all having bad days.

Strongest areas- drugs, utils, ags and metals while shipping, real estate, gaming, banks and trannies lag.

NYSE- 1,000 net losers;

NAZ- 730 net losers;

NDX- 25 GREEN;

VIX - a bit higher at 44.35;

TRIN- 1.04- down volume about double the up;

Gold down $4 at $956;

RSI (2) levels - already down in the 30's on the major indexes - remember this is still an ugly downtrend.

Looked like a choppy day at the open - but down we go with the next support area for the SPX at 775- of course next week we could see 735 as that is half way between the 666 low and the 800 high.