MORNING LOOP

Markets are mixed to lower this morning after a nice gap open- on the heels of the INTC guide up news -seems like the 1038 area on the SPX is the top of the range with the 1020 area the cover your shorts level.

SPX flat at 1030- NAZ +7.5 and DJIA -32.

Strongest sectors- silver, semis, metals, ags, tech and brokers while drugs, small caps, energy and real estate lags.

NYSE- 180 net losers;

NAZ - 500 net losers;

NDX- 50 GREEN;

SPX- 220 GREEN;

VIX- a bit higher at 25.

TRIN- .39 - useless as AIG FRE FNM dominate the volume and and are all higher by 8% or more.

I expect the markets to stay fairly strong and maybe even break out above the 1040 area before the day is over- Markups? - next week we get the beginning of the worst month for equities in general- not so certain that will be the case this year- lots of folks loving to short these markets - and it refuses to tank- and November and December can really be strong months taking the SPX above 1100-