MIDDAY FLATS

Equity markets are consolidating at midday with the DJIA flat, NAZ -1 and the SPX -1.5. Lots of low tick readings so we finally get a decent sell off-

Strongest sectors- nat gas, internets, ags, retail , tech and emerging markets- laggards include metals, gaming, banks, airlines and defense.

NYSE- 350 net losers;

NAZ- 325 net losers;

SPX- 225 up and 265 down;

NDX- 40 up and 57 down;

VIX- slightly higher and trading a hair above its SMA 10;

RSI 2 levels:

SPX 67

NAZ 63

DJIA 89

RUT 53

NDX 87

TRIN- 1.43 with down volume about 2x the up;

Bonds still not falling off the table as many expect with the yield on the 10 year at 3.87% while gold hangs in at the 1100 level-

The dollar is up again and just wondering if the big number on Friday will disappoint - causing rates and the dollar to dip ugly.

Not doing much today although bought some UL and GGP- UL is a longer term play while GGP is pulling back and lots folks are expecting a deal to be announced shortly - and their appears to be lots of interested parties -