THE CLOSE

Markets closed lower but well off their lows as the DJIA was -129, NAZ -24 and SPX -13.5. The MID's were the worst group closing down 1.2%.

All sectors were lower except for the brokers which closed up .25% despite all the major brokers finishing in the red except for MS.

Weakest were homies, trannies, oils, utilities, biotechs and silver stocks.

Some interesting stocks closed in the green including AAPL WMT NVDA SNDK COST DELL RTN SLB VZ GES ICE BOT CME JOE AZN TGT HPQ and MO.

Market internals were very weak all day with the NYSE closing with 2k more losers than winners while the NAZ closed with 1,150 net losers.

The OEX /NDX both closed with about 10 up and 90 in the red.

Volatility indexes closed about 10% higher and are/at buy equity buy signals.

Interesting how when the markets were going higher everyone wanted a dip to buy; now that it is dipping most are too scared to think about buying the dip.