THE CLOSE

The good news is we did not crash into the close today unlike some other days this week. The SPX touched its 200 day SMA and rebounded and sold off and then rebounded again into the close. The Oils and the Metals also rebounded during the day and maybe, just maybe the worst is over for now, although I wouldn't be surprised by another probe lower next week in the major indexes.

The big winner on the day were the brokers and again that might be reassuring to the bulls. The SOX index was also up 3% although not the SMH due to the vastly different individual stock weightings.

One group that has been totally destroyed this year is the internet stocks such as YHOO EBAY AMZN etc. The HHH is the proxy and that ETF is way down from 70 to 50 and may bounce the best if the market can get some upside jig. Just food for thought.