THE CLOSE

Markets close the day off their lows and maybe giving some hope to the bulls as the large caps were the best of the bad while the RUT and MID's were the worst of the major market indexes.

Strongest sectors were red and included biotechs, tech, semis and large cap growth; worst were airlines, gaming, oils, metals, homies, brokers, defense and utilities.

Strong stocks - AAPL CELG SYMC ISRG VRTX GENZ F MMM AMGN BIDU FSTR VSEA DECK CF POT ARD and ICE.

Weak stocks- NTGR PCR EDU ELP CENX HURC TWIN TBSI BTJ AA BDK AES EXC XOM DOW LEH LTD GM AKAM LVLT JOYG XMSR FISV PCAR and VRSN.

Volatility indexes closed the day higher by 15% on the VIX and 21% on the VXO. Still way over bought and if you wait long enough probably will look like a great buying opportunity in a few weeks.

Other stuff:

Ags- BG up 4.35% while CAT CNH DE IR MON MTW all lower;

Financials- all lower with the exception of ICE- biggest losers- CFC STT WB WFC BEN BSC GS LEH LM NDAQ and NYX;

Biotechs mixed with CELG DNA GENZ up while BIIB GILD lower;

Consumers all lower led by DEO GE MCD SBUX;

Gaming- all red with the exception of MCRI- MGM down 4.5%- WYNN down 5%;

Healthcare- all red - AZN LLY SGP the worst of the bunch;

Media- ugly as DJ hangs in unchanged- while CMCSK LBTYA LINTA crushed;

Metals- brutal day as BHP -4.5%, FCX-4%, GDX -5%, PAAS-6% SSRI -4.8%;

Oils- about 25 on my screens and 1 green NFX, XLE -3.8%, OIH -2.4%;

Retail- CROX soaring in the after mkt on earnings/guidance; M TGT SHLD PVH LTD KSS CWTR COH all crushed on the day;

Tech- 20 tech stocks on the screen- all red with the exception of AAPL; worst of the bad- AKAM INFY INTC MOT MSFT YHOO TXN;

Trannies- all shot today led by CP FDX LUV UAUA BNI;

I covered some QQQQ shorts today as I have a suspicion that we are looking at a nice rally. I suspect some good news is on deck which will put sub prime/credit issues on the back burner at least in the short term.