THE CLOSE

The markets closed mixed to lower with the winner being the NAZ and the loser being the DJIA. The SP500 closed down 2.6 points and is relatively unscathed. The internals finished moderately lower as there were about 500 more losers than winners. The NAZ internals were about flat.

The sectors moving the most today were Tech (MSH +.9%), Oils(+1%), and the Metals (+3%). The losers were fixed income as the 10 year climbed over 4.85%, the Homies and the Reits on the heels of the rising rates.

For those watching the SPY, it is interesting to note that it closed right at its daily Pivot Point and hung around there most of the day. Tomorrow's Pivot is at the 130.15 range so it will be interesting to see what tomorrow brings (always).

The VIX and VXO both shot up approximately 6% today and I believe they will keep a floor under the market if they can make it to the 12 and 11 range respectively.