THE CLOSE

Markets closed well off their worst levels as buyers appeared at the all important SPX 1,490 area. Not sure if that line in the sand holds tomorrow but for now it looks like pretty good support. Note also how the SPX went through the daily pivot point and quickly turned back to close under the 1,505 area at 1,502.

Strongest sectors included utils, defense, insurance, drugs and large cap growth while China, emerging markets, brokers and financials were the laggards.

NYSE 1,700 net losers;
NAZ 1,000 net losers;
NDX 25 GREEN led by IACI WFMI GOOG SIRI CSCO AMGN YHOO;
OEX 35 GREEN led by EXC ROK CSCO AVP GD BAX AES MCD EP HON;
IBD 100- 25 GREEN led by ININ BUCY CEDC VSEC PDA GOOG ARD GSOL SNCR VIVO;

VIX up by 6% and still in overbought buy territory for equities;

Down volume 3X Up volume;

TRIN- 1.00-;

Key stocks -9 green out of 40 with winners including GOOG BIDU RIMM CME NVDA MO ICE and DECK while big losers were UA C MS GS VMW GRMN LVS MTW WYNN and MER; CROX looks like toast and broken big time- plastic shoes anyone?

Tech again looks strong with winners such as BIDU GOOG HPQ INTC and RIMM- Xchanges also up with CME NDAQ NMX also closing green;

GS very ugly and closed down 11+ at $218+ after trading down to 213 when the denials hit; MS BEN BSC LEH LM MER also uber ugly on the day;

Tomorrow could be turnaround Tuesday as this a strong seasonal time for equities; no picture above as Blogger pix are down;