AFTERNOON BLUES

The NDX/NAZ/RUT continue to lead the markets lower but some stabilization appears to be setting in. In addition, witness the action in the exchanges V. the brokers:





CME +2.3%


ICE +1%


NYX +1.6%


NDAQ FLAT


NMX +1.6%





GS-2%


MER-7%


MS -3.8%


LEH-4%


LM-4%





Anyhow, internals are still awful with the NYSE at 2,000 net losers and the NAZ with 1,675 net losers. Tech heavy NDX with 7 gainers while the more diversified OEX shows 17 in the green.





Aside from the exchanges, biggest winners include:





ATI BDK GD TYC PCAR MCHP GENZ DISH ISRG AMGN GILD BTJ EJ PKX ATW CF TDG CAT;





Biggest losers- lots- AMZN MER NVDA INTC CROX UA BRCM ALTR JNPR LVLT SNDK CTSH NSM MS NXY COP T WB WYNN;

Ten year bond rates down to 4.32% and a flip from bonds to stocks may be in the cards in the not to distant future for the asset allocators.

VIX up about 13% while the VXO is a bit scarier up 18%. Both in buy signal mode and about 15% above the 10 day SMA.





SPX now trading a bit below the 50 day SMA (1,500) and seems to have bounced as it hit the low from Monday. A bit below that level (1,490 may be a good stop point for traders that may want to initiate short term long trades.