NOON SWOON

Equities are higher but well off their best levels as the dollar all of a sudden popped higher - rumors of a financial transaction tax causing the sell off.

Strongest sectors- homies, gaming, airlines, trannies and brokers while retail, Brazil, energy, drugs and internets lag.

NYSE- 450 net green;

NAZ- 600 net green;

SPX- 285 GREEN;

NDX- 55 GREEN;

VIX- higher by 3% at 23.5.

TRIN- .8 with up volume almost double the down.

CNBC asking the shrewd question of whether the rally is for real- lets see the SPX is up 65% from its 666 low last March- so not sure which world these folks are in.

Also as mentioned this morning - the RSI 2 on the SPX at 99 and now down to 98 after this hard sell down - obviously a bigger sell off here is likely in light of the recent moves - especially with the dollar support levels near 75.