THE LIST

Markets are way down on the heels of crummy retail sales (who knew) and lousy trade numbers; oh and yes the markets were/are overbought.

As I type, the major indexes are trading at 2 day RSI's at or near 20 with the QQQQ a bit lower. The 10 day SMA of the VXO is also overbought (stretched about 8% above the SMA), trading near 14 and up over 10% on the day. So probably an ok time to buy the dip as we probably tread water tomorrow and head back up next week.

Strongest of the losing sectors include airlines, retail, defense, utilities, brokers and large cap value. Weakest include big cap biotech (AMGN), silvers, metals, emerging markets, homies, oil service and drugs.

Market internals have been ugly all day and one of the reasons I decided not to buy the dip during the morning. The NYSE is red 1,800 and the NAZ red 1,600.

The OEX/NDX both with 9/1 red to green while the SPX is about 35 green and 465 red give or take.

IBD 100 about the same with about 9 lower to each issue higher.

Issues that may be buys today include BAM JOE JPM WYNN IBN VLO OIH XOM XTO PVH SSRI SGP SMH and MGM. As always, do your own due diligence and scale into positions as I expect tomorrow will not be a strong day either.