THE CLOSE

Major market indexes closed mixed as the DJIA closed +14, SPX -2 and NAZ -7. Market internals told a different story as the NYSE had about 800 net losers and the NAZ about 890 net red.

Strong sectors included semis, defense, utilities, brokers and large cap growth while small caps, homies, internets, real estate, retail and oils lagged.

OEX- 45 WINNERS- GS CL LEH AXP MCD SLB JPM MS JPM AIG GE UTX BAX; LOSERS- TYC EK ATI AA DELL LTD BDK IP NXY WMB WB ROK NSC;

NDX- 50- WINNERS- AAPL ATVI RIMM JNPR XRAY BRCM CTXS DISCA SNDK CHRW;

LOSERS-MICC CTSH QCOM MNST AKAM LVLT EXPE JOYG SHLD NIHD SEPR TLAB;

VIX higher by about 5% and still in over bought territory;

Two day RSI's on major indexes in low 20 area.

33 New highs on the NYSE/NAZ and 108 New lows on NYSE and 113 on the NAZ.

Other stuff:

Most sectors with mixed results as retail has a lot of red led lower by COH CWTR GES HD KSS PVH SHLD UA;

Oils- primarily red - XLE OIH CAM COP CVX DO HOC TSO VLO XOM all red - APA HP PXD SLB XTO all green;

Tech mixed - AAPL AMAT BRCM CSCO HPQ IBM KLAC MSFT NVDA RIMM SNDK green while INTC AKAM AMZN CTSH EBAY GOOD INFY MOT TXN YHOO all red- Note the flip on INTC after raising revenue guidance this morning;

Markets having a hard time on upside progress as stocks were again sold into the close. Tough to be short as no one knows when the Fed will make the announcement lowering rates. I am long but not big and waiting for the next ramp to unload more inventory. GS was a pleasant surprise again as it closed up about 5 points.