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Talk about morning breadth! Yes, it's early, but keep an eye on those internals...they're fugly thus far. On both the big board and the Nazz, the losers are outpacing the winners 2:1 while downvolume is trumping upvolume 10:3. Meanwhile, those pesky banks are getting fripped for another 2%. I'll tell ya, when they frip 'em, they frip 'em for real!

Any discernable turn will be led by the financials, so take half an eye and focus it on the BKX (banks) and the XBD (brokers). Away from that complex, the Sears miss this morning is pressuring the retailers. This group has also been trading "off" of the west coast dockworker strike, so if you're involved, keep an ear to the ground for developments there. And watch the fear factor as the VIX slowly creeps towards 50, which "has" been a decent contrary tell....although it 'works' better on spikes rather than grinds.

It's early, and there's a lot of trading left in the day--- keep that right hand up as we wade through this muck. If you're unsure, do a little less or set stops on your trading risk. Trading isn't a toin's about maximizing your reward relative to your risk and finding an edge.

More importantly, prayers to our friends and family in Maryland. May peace be with you.


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