FRIDAY - MIDDAY CHOP/SLOP

Equity markets are again flat- at midday after opening at the highs and breaking out above the 1150 level.

Strongest sectors- gaming, reits, real estate, oil service, emerging market bonds and retail- while metals, defense, homies, semis and drugs lag.

NYSE- flat internals;

NAZ- 400 net losers;

SPX- 235 up and 255 down;

NDX- 37 up and 61 down;

TRIN- 1.32 with down volume slightly better than up;

VIX- 18+ and a little below the SMA 10- and after the SPX has been up 10/11 days in a row - its quite surprising that the VIX isn't lower-

RSI-2 levels still at/near 100-

Looks like a lot of chop today - and this fish is doing very little- long GGP and looking to buy dips in DIG LVS and a few others- also out of most of my FAX position - which was very very good to me.

THE BLAHS

Another difficult day to watch equities as the chop/slop was brutal from open to close- the SPX closed flat , the NAZ +6 and the DJIA -14.

Strongest sectors- gaming, homies, internets, reits and brokers while airlines, metals, biotech, drugs and semis lagged.

RSI 2 levels at/near 100 on most major indexes so a pullback should happen pretty soon and tomorrow is Turnaround Tuesday - so be aware there.

VIX about 17.6 and nearly 8% below the SMA 10-

Not much trading of late - as been taking it a bit easy of late- still net long and not desire to change that any time soon- IMHO pullbacks are for buying-