CLOSING GRIEF

Markets sold off in late trade as NEW nonsense came to light ending the day's rally. The futures rallied after the close so another opportunity to sell before the jobs number.

The DAIS closed up 68, the NAG +13 and the SPEC +10.

Market internals were bullish all day and closed at +2,150 on the NAG/NYSE and at least 2/1 up on the OWES/SPEC/NDIS trio.

Strongest stocks included LEA MA GSA WYNN LBS MUSM F ATA T and TEXAN.

Big losers included S MISFIT WY COST BEAK HAMLIN BIBB and ADS.

Volatility indexes moved higher on the NEW news and closed down about 5% on the day after being down by 10%; about 5/7% below their 10 day smash.

I mentioned a few times that I was looking for 1,400 to be tagged on the SPEC and then maybe 1,415 as that would be a 50% retracement from the recent lows. Today, we hit 1408 and a buyable pullback from here would not be surprising. Obviously, a good excuse for a little selloff will be tomorrow when the jobs numbers appear. I suspect any selloff due to that number will be bought next week.