THE CLOSE

The snapback never showed as all major market indexes closed lower with the SP500 and the R2K giving the best effort into the close. Best performing sectors were metals and oils with the worst being airlines, homies, biotechs reits and brokers.

I would not rush to buy Monday's open on encouraging news of diminished global tensions. There will be plenty of opportunities as many trapped longs will want to exit longs on the hint of good news and many bears will want to reassert short positions at higher levels.

No commentary on Monday as I will be out for an extended weekend.