MORNING MUCK

Equities are lower this morning led down by the NAZ/NDX and tech- SPX -2, NAZ -13 and the DJIA -5.

Strongest sectors- gaming, metals, drugs, reits, biotech and trannies while oil service, airlines, internets, retail and tech lags.

NYSE- flattish internals;

NAZ- 250 net red;

SPX- 220/270;

NDX- 27/72;

VIX- 17.4 and about 11% under the SMA 10.

TRIN- .77 with up volume about 150% of the down.

Markets overbought at these levels - as RSI 2 was in the high 90's on the SPX - and with the VIX so far under the SMA 10- it was a pretty good bet that the market would sell down from those levels.