THE CLOSE

Another down day for the bulls as the markets sell off on the heels of the big broker downgrades this AM from JPM. The DJIA closed down 66, NAZ -17 and SPX -10. Tough for the general market to get traction when the financials struggle.

Sector strength was found in metals, China, retail, internests and utils while real estate, brokers, homies and financials led the way lower.

Market internals were bad from the open as the NYSE closed with 940 net losers, NAZ with 925 net in the red while the NDX/OEX showed 30 green each. IBD 100 a bit better with 35 green.

Key stocks also mainly red with AMZN GRMN CME WYNN BG MGM and KO higher while GS MS RIMM MER MA UA CELG C GE and BAC closed lower.

Technically, I continue to look for downward action to SPX 1,450/ DJIA 13,150/NDX 2,025 as those areas will probably be a nice spot for a rally into resistance before year end.