DIPPING?

Markets are selling off on the heels of poor retail sales numbers from HD and SHLD, more sub prime issues and the Bernanke speech.

How oversold?

The VIX/VXO combo are about 6% above their 10 day SMA's and the 2 day RSI readings on the major indexes sit at/near the 15/20 level. So not quite at buy signals but close and maybe worth a dip on the NDX. The NDX is now my index of choice as it has made 52 week highs and has been the strongest index of late as tech has done well on the heels of AAPL/GOOG/RIMM/INTC and the semis.