THE CHOP

Equities seem to be consolidating with the DJIA down 30 and the SPX higher by less than a point.

Strongest sectors- gaming, airlines, metals, energy and trannies while nat gas, reits, drugs and semis lag.

NYSE- 372 net green;

NAZ- 60 net red;

SPX - 215 GREEN;

NDX- 38 GREEN;

TRIN- .59 with up volume more than double the down- interesting;

VIX - down about 2% at 19.67 and a few percent under the SMA 10;

RSI 2 levels- nearing 80 as we struggle at the these new over bought levels.

Lagging etf's include XRT XLK and the big standout IYR with an RSI 2 level nearing 3.

Still long SLV but sold the last of my VALE - on the spike up this morning.

Bottom line - looking at a range bound day with a move up later in the week in front of the big payroll number on Friday.