THE CLOSE

In what could only be described as a huge snoozefest, the markets closed near the unchanged line this afternoon after the DJIA made a new high near the open.

The semis gapped higher at the open and sunk all day and closed near their low on downgrades.

GS and GOOG also traded red for most of the day and gave a clue that markets were going to have some problems holding on to the early morning gains.

Sector leaders were oil service, airlines, integrated oils, retail, internets, homies, software and financials. Downside leaders were gaming, semis, biotechs, brokers and metals.

Market internals were about as flat as they get with +100 on the NYSE and -20 on the NAZ.

Hopefully tomorrow's trade will not in anyway resemble today as it was one of the worst in a long while with a minimal range after the morning gap.

For what its worth, GS is approaching its 21 day SMA at the 198 area and may be a nice pick up for a short term trade back to the recent highs.