NOON DIP

Markets lower at the noon hour with the SPX -15 and the NAZ -29-

Sector strength in metals, bonds, ags, biotech and drugs while weakness clearly in gaming, homies, telecom, real estate and trannies.

NYSE/NAZ 2400 net losers;

NDX/OEX- 23 GREEN;

VIX- almost unchanged at 41.15;

Surprising as MS GS continue to trade to the north while the markets head lower.

Apparently some stuff happening in Detroit besides the Final 4;

Mortgage delinquencies not moving down;

Kellner with the labor pains;

SUN not so bright;

AIG- eh gonzo with the money I guess;

Also- for all the folks who insist the bottom is in - be aware that the SPX made a low of 770 on October 10, 2002 - ran up to 954 in early December and fell back to 789 in March of 2003.

So careful out there as history may not repeat but the charts may rhyme with 2003.