MIDDAY SLUMP

Looks like Dougie Kass about as hot as anyone gets on market calls- with the bottom call about two weeks ago and the "taking some profits" yesterday and "selling tech" this morning. Most are either bulls all the time or bears all the time - but Doug one of the few with added value.

Strong sectors- energy, shipping and trannies while banks, brokers, real estate and drugs lag.

NYSE- flat internals;

NAZ- 420 net losers;

NDX - 35 GREEN;

OEX- 35 GREEN;

VIX - higher by 7.5% at 43.1;

Crude - off the highs at $51.15;

Gold - off the highs at $955;

Dip buyers seem to be coming in to the markets as I type - I suspect failure and more downside action this afternoon.