CLOSING TRIP

Markets closed higher but off their highs and a significant point loss in the SPX in the last few moments of trade as the 1480 level was soundly sold.

Strong sectors included retail, metals, homies, brokers, reits, trannies and oil service while gaming, utils, biotech and drugs under whelmed.

Market internals closed strong with 2380 net winners on the NYSE and 1300 net winners on the NAZ.

OEX 92 WINNERS- led by ATI MS HD TGT NSM NXY GS BNI CBS WFC; LOSERS- DELL HON VZ BA EK WMB HET S;

NDX- 85 WINNERS- led by NVDA LVLT NIHD MRVL PCAR RIMM UAUA ERIC INFY MCHP; LOSERS- AKAM KLAC BIIB NTAP GRMN DELL ERTS FISV LAMR S; Note also how the 1995 level on the NDX was sold right along with the SPX 1480.

IBD 100- 85 WINNERS- EXM ACH NVDA CF MR DRYS NOV PCLN GES GME; LOSERS- BTJ AIRM GMCR VIP GRMN SNDA HMSY CMED CPLA PCP;

VIX down 7% after ramping up in the final few moments as the mkts dropped.

Lots of sellers in the final few minutes and I guess some folks didn't want to hold equities during the Labor day weekend. I wanted to sell some futures toward the close but decided to hold and hopefully will get a better price next week. First resistance next week SPX 1480/1488 with support at the 50 day SMA on the NDX (1960).