BAD BREATH

The markets remain lower and my guess is the trade of the day will be to short any of the pullups as the old adage is "markets that are weak all day tend to close at/near their lows."

Market internals remain as bad as they generally get with 3,800 more losers than winners and all sectors are lower with the worst being metals, oils, semis and small caps. Brokers and banks are also pretty ugly down 2% and 1% respectively.

I sold some OIH puts into the carnage and will probably add on further weakness.

Hopefully the tennis and the cycling will provide a little diversion from the ugly market action, unfortunately similar to the every day occurrence in the north east, it is also raining in London.