MIDDAY LOOK

Equities continue to struggle despite the recent merger activity with the SPX -5.6, NAZ -13 and the DJIA -65 at about 11.50 EST.

Strongest sectors - metals, trannies, gaming, biotech, oil service, homies and airlines while semis, banks, brokers, emerging markets and internets lag.

NYSE- 960 net losers;

NAZ- 725 net losers;

SPX- 135/360;

NDX- 33/66;

VIX- higher by 2% and above 30 and about 18% above the SMA 10.

TRIN- .99 with down volume about 2x the up.

Gold at a new all time high at near $1080.

The dollar up about .46% but off its best levels.

Thinking we may get a decent move off the lows this afternoon and I have picked up some EWZ which has bounced off the SMA 50- so slowly scaling in to more equity exposure.