DIVING MARKETS

There you have it; right back down and the SPX is just about 5 points off the recent lows as the 1,390 level did not hold.

All sectors were in the red despite the fact that I heard "oil stocks are higher" on CNBC about an hour ago (who writes that copy). They were not higher and neither was anything else. The best groups, although all lower, oils, utilities, biotech and drugs. The worst were silvers, financials, brokers, metals, homies, trannies, real estate and small caps.

Winning stocks included T MMM QCOM EXPE MA ESRX SNDK and AMLN while the biggest losers were NTAP MRVL VMED VRTX LOGI LEH MS JPM MER RF and AXP.

Market internals- hah- 4,000 net red on the NYSE and NAZ and 6 in the green between the OEX and NDX.

The good news is the VIX spiked over 30% and trades at/near Feb 27 levels; overbought and near 110% of the 10 day SMA.

If you want to buy high and sell higher today was not your day but if you want to scale into equities and buy lower, opportunity may be near. Would it surprise anyone if a guest comes on bubblevision next week and says "buying last Tuesday was the easy trade." I suggest anyone wanting to buy equities start putting together their buy list as just about everyone will now expect a retest of the 1,373 lows. We may get the retest but I suspect a nice bounce from those levels.

I will be out of the office until next Tuesday on a little R and R.