THE CLOSE

The markets go down the markets go up; hard to believe that the major indexes gained today just about what they lost yesterday. The DJIA closed +247, NAZ +63, and SPX +31.

Strong sectors included retail, oil service, oils, homies, semis, metals, small cap value and yikes - reits- laggards included biotechs, drugs, brokers and banks.

A little comeback in the financials as the action was good in GS LEM MER ICE NYX NMX WFC TROW MTB MI CFC BEN and AIB. Notable loser BSC.

Internals - 2385 net gainers on the NYSE and 1600 net green on the NAZ.

OEX- 96 GREEN - WINNERS- GM SLB INTC TGT ATI HD ORCL WMB RTN WY;

LOSERS- AEP MS PG WB WMT;

NDX- 96 GREEN - WINNERS - RIMM NVDA AAPL BBBY INTC GRMN MRVL MICC ISRG INFY;

LOSERS- JOYG PDCO ESRX IACI SIAL;

IBD 100- 96 GREEN- WINNERS -TKC ACH DRYS VIP SNP GME DWSN DIX RIMM GES ;

LOSERS- TTEC FTK ARGN SPEC;

VIX/VXO lower by about 11% and now trading about 6% below the 10 day SMA.

As mentioned earlier, I am not expecting much tomorrow or Friday as everyone gets a chance to catch their breath and digest the recent volatility. Remember, high volatility leads to low volatility. That is what I expect now, TRADING RANGE. 1430/ 1485 on the SPX, for a while anyway.