BACK TO THE LOWS

As I suspected, the morning rally could not hold and the markets are back near there mid June lows on the SPX and the QQQQ. Oil stocks also can't get any jig in spite of today's higher crude and the last time the OIH was this low, crude was trading in the high 60's, so some confusing action in the oil patch.

Market internals have flipped the switch to red and there are now about 1,000 more stocks losing value than gaining.

Sector wise almost all are in the red with the worst performers being retail, semis and metals.

My take is that all the decent rallies in NAZ or SPY can be shorted. Bottom calling has been a fruitless experience lately and I will leave it to others to try and find the bottom.