THE CLOSING BELL

So just one day ago we were all excited about new all time highs on the "dopey" DJIA and Jimmy tells us what a crummy place the U.S. markets are to invest. Please someone tell me his show is going off the air or that Donald Trump is firing him.

Bernie Schaeffer was on CNBC a while ago and said the small and mid cap stocks are in long term uptrends and one should pick days to buy the pullbacks. I guess today is one of those days and why doesn't Bernie have a TV show? I guess because they want investors to be like CNBC anchors, excited about up days and depressed about down days and not helping folks make money by taking the emotions out of the equation and buying lower and selling higher.

The market internals are closing near their worst levels of the day and probably the worst I have seen in a long time, almost 4,000 more losers than winners. The SPY is back to the 130.6 level with very oversold readings on the 2 day RSI of 7.

The VIX/VXO twosome are also closing much higher and are both stretched a bit less than 10% from their 10 day SMA's so a bit more downside may be in the cards. I have been scaling in to QQQQ and SPY all day and will continue to do so tomorrow.

On another strategy front, I sold more XLE puts into the afternoon dip and will continue to do so if they go lower.