THE CLOSE

There it was, the DJIA closed down 53, NAZ -13 and SPX -3 after a flurry of buying brought the markets way off their lows in the final 30 minutes of trading. As I type, the ES/NQ futures are a hair from the flat line as IBM satisfies the street.

Sectors green on the day included oils, metals, utilities, trannies, airlines and gaming while tech, brokers, semis, internets, financials and drugs lagged.

Winners included MSFT LVS WYNN CELG CP CNI XLE OIH CAM HOC VLO DVN CTXS PCAR UAUA NSC XOM CNH WNR BTJ ALY and NOV.

Losers included BIDU SIMO MR INTC PFE MER MS JPM LEH GS HIG YHOO LRCX SEPR MRVL SHLD GS LEH MER MS CME ICE and NMX.

Market internals closed with 900 more losers than winners on the NYSE and 775 more losers than winners on the NAZ.

Both the NDX/OEX internals came up from the lows to close with about 3 down to every 2 up.

Volatility indexes rallied a mere 2% at the close after being way up earlier in the day.

Bottom line, its a bull market and dips are for buying-