AFTERNOON SETUP

Markets continue to trade lower but as usual "off their worst levels of the day." The DJIA has already touched 12,956 and the SPX- 1,431 before this small bounce.

Sectors- Best- utils- drugs, biotech, internets and large cap growth;

Worst- China, airlines, emerging markets, homies and brokers;

VIX- touched the 27 level but has since come off a bit with the markets;

NYSE - 2,250 net losers;

NAZ- 1,860 net losers;

NDX - 15 WINNERS;

OEX -12 WINNERS;

IBD 100- 12 WINNERS;

All the sectors pretty ugly with recent winners like consumers not a hiding place today as CL DEO GE K KMB KO PG SBUX all lower while retail, tech, oils, metals all ugly.

My optimism from the earlier post is we seem a little washed out here but the close is obviously what matters. And who exactly is bullish here and now?