MIDDAY NOTES

Market way off early lows. Look where BAC, JPM and the whole XLF held this morning…right at the all-important 50 day moving average…a place in bull phases where the big boys stand up and defend the turf. This will be vital to the market that this area holds. When you have a chance scan those names as well as many other financials that are doing the same. BUT…it is early.

Also, very weak and under the longer-term 200 day average BIOTECHS finally bouncing today…but no leadership there.

Other than that…blah!