THE CLOSE

The markets closed near their highs of the day but not at their highs (lol). The QQQQ and the SMH were very conspicuous on the list of underperformers along with GS. The BIOS along with the former highflyers SNDK BRCM and MRVL all closed in the red as the theme of the day was S's over N's. The VIX sunk 6% on the day probably signifying the end of this little rally. Lately, every time there is a bit of a rally the VIX sinks and the rally stalls. I do not have a great feeling about stocks making significant gains in the coming weeks.