MIDDAY SHIFT

Most major market indexes are trading lower at mid day with the exception of the DJIA which is up a hair as I type- The SPX -4.5, NAZ -5 while the RUT is down 2.

Strongest sectors- ags, gold, junk, airlines and trannies while oil service, banks, energy, semis and gaming lags.

NYSE- 600 net losers;

NAZ- 400 net losers;

SPX- 167/325;

NDX 37/63;

VIX- down about 2% at 16.36;

TRIN- 1.59- with down volume almost 3x the up;

Energy one of the weakest areas today and looking for a bit more of a dip to buy some DIG or XLE - note the SMA 50 on XLE at/near 57.25-also RSI 2 now in the 20's;

I suspect lots of folks are looking to buy this market on any dip - so we probably aren't going that much lower - getting ready for some QQQQ hopefully in the 47.25 area.