THE CLOSE

Just a bit too bullish today as the DJIA closed down 155, SPX -19 and NAZ -53. Usually the lows come in at -150, -15 and -40 so a little worse than usual as the NAZ gets spanked big and the DJIA comes in on schedule.

The only Sector winner was metals and worst groups were brokers, internets, tech, airlines, GOOG and biotechs.

Market internals also as bad as they get with 4,000 more losers than winners.

I didn't take any buy signals today and will wait to see what Turnaround Tuesday may bring. I also have some index shorts from lower levels that I am not covering yet. Any chance the markets go lower than we think possible in light of this steep uptrend.