THE CLOSE

The market closed near the lows as it made a complete reversal opening at the lows, moving up to the top of the recent range, SPY 130 and back down to SPY 129. About 1,000 more losers than winners after the breath turned positive briefly at midday. My thoughts are that a lot of traders bought the early morning dip and flipped them out into the 2:00 ramp. It is not untypical for traders to flatten out on friday afternoons. The Volatility indexes were up a bit on the day but offer no buy or sell signals.