THE CRUSH

Hard to believe all of yesterday's gains went poof at the open but there it was. Anyhow, DJIA -210, NAZ -37 and SPX -25. The RUT (-2.5%) and value stocks far and away the biggest losers.

The reason, C downgraded and talk of a cut of the dividend and a stock price in the low 30's. Sounds like the Prince will be out the door shortly.

Morning stats:

NYSE - 2,200 net losers;

NAZ -1,700 net losers;

OEX 5 GREEN;

NDX 15 GREEN;

IBD 100-4 GREEN;

Down Volume about 15x up volume;

TRIN- 1.97 and rising rapidly;

VIX up about 13% and so much for the sell signal from yesterday;

Green stocks INTC NMX AMGN XRAY SNDK IACI BRCM XLNX MRVL PTEN CSCO DISH LINTA TYC ABT CSCO PG MTD KO BMY;

Red stocks- just about all the rest;

Biggest losers- CROX MTW C MS BG UA FCX NOV ABX FTK PKX FSTR VIP BBL BHP MICC S GRMN ERTS MNST;

Sectors down the least include drugs, utils, semis, biotech and large cap value- worst include banks, brokers, emerging markets, china, homies and metals.

Areas of support now that SPX 1,540 is gone, the 50 day SMA - 13,680 on the DJIA and 1,512 on the SPX.

A rally in the early afternoon would not surprise me and I will probably look to buy for a short term flip.