THE CLOSE

Markets closed off the worst levels of the day as the DJIA was down 108, NAZ -26 and the SPX -13. The RUT and specifically the value portion of the RUT were the worst of the bad indexes today.

Strongest sectors were metals, oils and biotechs while financials, reits, real estate, gaming and homies were the worst.

Key stocks- 8 out of 40 GREEN - leaders- CROX XOM TIF INTC NVDA DECK IBB MO; losers- RIMM C MA WYNN POT LVS ICE GOOG COST NYX MGM CELG;

NYSE internals - 1,450 net losers;

NAZ internals -1,255 net losers;

NDX 20 WINNERS;

OEX 15 WINNERS;

DJIA 6 WINNERS- led by XOM INTC DD MO MMM losers- GM C AXP VZ BA;

Biggest Winners- BHI EK XOM SLB CVX HAL INTC TBSI EDU SNP CMED VSEC EXM SNDA FSTR BIIB TLAB GENZ BRCM NTAP SIRI XMSR;

Biggest Losers- LVLT AKAM RIMM XRAY SHLD VMED GILD ROST MDT ATI GM C TYC COF LEH GOOG NILE PDA TNE WMS GLNG RIMM POT;

VIX closed lower by about 9% and while VXO/VXD VXN were all higher by about 12% and all are trading above 110% of the 10 day SMA.

So a little fear ahead of earnings which could be a good thing if companies in general meet or beat the street. I expect they will and dipped in and bought.