CLOSING LOOK

Markets closed the day lower but well off the worst levels of the day as crude was the real story as it was up another $1.5 to $87.5. The DJIA closed down 71, NAZ -16 and SPX down 10.

Strongest sectors were oils, airlines, semis and gaming while financials, homies, emerging markets and china were the worst.

Key stocks mostly lower (25 out of 40), worst were C ISRG BIDU MER JPM BAC BAM DECK GS while BG WYNN POT AAPL KLAC NVDA MSFT MO MGM and RIMM were green;

Market internals ugly again with a net 2,250 losers between the NYSE and NAZ.

NDX - 35 WINNERS led by DISH VRSN UAUA LRCX WYNN ESRX FLEX APOL AAPL XRAY- LOSERS- ERIC INFY AMLN AKAM BIIB YHOO SNDK WFMI JAVA;

OEX- 25 WINNERS- led by AES COP CVX CMCSA NSM BA MCD MSFT NXY SLB -LOSERS- WFC GM C WY EK LEH JPM AXP MER AA F WB;

IBD 100- 25 WINNERS- TBSI NILE GPOR TEF POT PCP FLIR LAYN EXLS AAPL - LOSERS- HDB TRAK PKX SLT SSRX SNP DRYS EJ BTJ MR CRNT;

VIX higher by 4% and in Buy territory for major indexes;

Down volume about 3X Up volume- TRIN 1.31;

The worst performing indexes of late with their 2 day RSI's:

LARGE VALUE -7

MIDS -6

SMALL VALUE -6

OEX -11

RUT -12

I am looking for SPX 1535 to hold as it was prior resistance and my become current support. Most major indexes now at/near their 20 day SMA's so also curious to see if they hold.

INTC out with numbers and the stock is now trading up and near 26.25. Hopefully it gets the SOX/SMH some juice tomorrow and gives those with trepidation a little relief.

After watching FOX BUS channel for parts of the last 2 days I have come to one important conclusion. I underestimated how good CNBC actually is. In the last 15 minutes of the trading day on FOX, the journalists were discussing the fact that it is open season on health care at lots of corps and folks need to make these important decisions now. Exactly how many folks have full time jobs at big corps and watch the markets/business news all day long? Yeah, not many so not sure who they think there audience is or will be. My guess is that it will be republicans who allocate their retirement funds 60% to SPX stocks and 40% to long term bonds. Not sure why they will be watching business news channels all day long but, whatever.