THE CLOSE

Markets closed the day higher but again another sell off in the final 30 minutes of the day as the DJIA came off by 50, the NDX by 15 and the SPX by 7. Not sure if it was caused by the Lacker comments but doesn't really matter. My take is if we sell off, we have some pretty well defined entry points - 200 day on SPX 1460, and the 50 day on NDX - 1961. Also, hard to believe the QQQQ is only about 90 cents off the July high near 50.6.

Strong sectors included metals, brokers, internets, oils, semis and biotechs while retail, defense, banks and drugs lagged.

NYSE internals +1325, NAZ internals +880;

OEX - 80 WINNERS;

NDX - 85 WINNERS;

Today's WINNERS included YHOO VRSN AAPL SNDK PDCO AMZN NXY EK EXC SLB AXP GM MER EP VDSI DWSN TBSI GTI WBD LAYN;

LOSERS- FSTR CYNO BCSI NILE WFR TTEC MORN HD TGT AVP RTN BAX BA ABT ROST MNST LOW BBBY SHLD CTSH CMCSA CTAS COST;

I agree with Insana- rate cuts a done deal and this market is back to a buy the dip scenario. NQ/ SPX Futures probably the place to be if you want the most bang for your trading buck.

SMH also looks interesting as the 50 day SMA was resistance and probably flips to support in the short term.