HERE WE GO AGAIN?

Around 1:00 PM EST, the NDX started a swift move down on what appeared to be no news. Shortly after, rumor of a bomb and then news about some German banker talking about higher inflation and higher rates and finally a rumor of a tier 1 firm downgrading big cap tech and BIDU. Before long, AAPL was down 10, AMZN -5, BIDU -40 after trading at all time highs and on and on. GS had a 12 point range and closed down 6 after being up over 3.

Anyhow, all the major indexes did an about face and closed sharply lower after the SPX/DJIA were trading at all time highs earlier in the morning.

The DJIA closed down 64 after being up about 120 and a range of about 230 while the SPX was down 8 after being higher by 14 and a total range of 30. The NAZ closed down 39 after being up about 35 and a round trip of about 80. Just like old times.

Strongest sectors were metals, oil service and utils while internets, semis, airlines, tech and emerging markets lagged.

NYSE internals -750;

NAZ internals -1190;

OEX 35 WINNERS;

NDX 20 WINNERS;

BIG WINNERS- ROST JAVA RYAAY APOL TEVA JOYG F GM WMT C RTN LTD EXC COF CYNO MTL SLT SNP OII WNQ BBL;

BIG LOSERS- FSTR BIDU HDNG CTRP AFSI MR CRNT TBSI DSX CMED ATI TXN BA CI GS PEP CAT TYC ROK INFY SNDK AMZN ISRG RIMM NVDA CTSH CELG;

The VIX up 13% and near 19 and about 6% above the 10 day SMA. The VXN/VXO had higher spikes in volatility and those indexes are a bit more stretched above the 10 day SMA.

Two day RSI numbers on the major indexes:

SPX 28

DJIA 24

NDX 20

COMPQ 23

RUT 19

MID 32

OEX 29

So maybe time to dip/but shortly as the buy signals start to line up.