TIME TO DIP?

Markets are way down this morning on the heels of higher rates, better than expected jobs, warnings, downgrades etc.

For anyone looking to buy the dip, now may be a good time as the 2 day RSI on the major indexes are now below 10 and the VXO is trading well above 110% of its 10 day SMA. The last few times the major indexes traded in the 2 day RSI buy area was an excellent time to buy, check Nov 1, Nov 27, Dec 22 etc., all nice trades.

There are no sector leaders as they are all red but the trade in the brokers is quite interesting as GS is trading near the flatline and the IAI broker ETF is down about 20 cents. Leading lower are metals, airlines, small caps, utes, tech, semis etc.

Checking the NDX, we have about 20 green and 80 red, OEX about 15 green and 85 red and on the SPX 80 green and 420 red. Ugly ugly but maybe a little shake out.

Overall market internals show red 2,000 on NYSE and red 1,600 on NAZ.

Also remember that markets that are weak all day tend to close at/near the lows although we may get some shortcovering into the end of the day say take your pick.