CLOSING RECORDS

One of the more annoying days on wall street has come to an end as the DJIA closed down 415, NAZ down 97 and SPX down 50. Not sure where we go from here but a lower open with a nice close tomorrow would not be surprising.

The best of the bad sectors were drugs, biotech, homies, large cap value, utilities, semis, midcaps, financials and defense. The worst were emerging markets, brokers, silver stocks, gaming and small caps.

The internals on the major indexes were kind of interesting as 2 stocks were up on the SPX; 1 on the NDX and zero on the OEX.

There were about 725 issues higher and 5,800 lower on the NAZ and NYSE.

Volatility indexes were way up with the VXO/VIX combo up about 70% and trading at 170% of their 10 day SMA's, something I haven't seen.

Its interesting listening to the guru's hedge on whether its time to buy or time to sell. This blogger says scale in to stocks because it won't be long before you will be kicking yourself for not so in the not so distant future.

Keep in mind that the QQQQ is back down to the January lows while the SPX/DJIA complex is back at the December lows. Also check the action in the Midcaps, that group outperformed all the major indexes including the big cap OEX/SPX/DJIA complex.