THE CLOSE

Bill Griffith on CNBC calling a bottom since the VIX has spiked and of course the bottom in financials since they went up today. Well not sure on any of the above but the DJIA did come off the lows and manage to only be down by 128, NAZ -48 and SPX -15 after wicked early losses.

Strongest sectors- retail, real estate, reits, banks, homies, metals and brokers while emerging markets, utils, drugs, tech, biotech and oils lagged.

Key stocks- 14 out of 40 in the green led by UA MS LVS MA DECK CME MER MGM BAC RIMM and GS- lower- GRMN NVDA CELG BG IBB KO PG AAPL MSFT XOM and MO;

NYSE- 450 net losers;

NAZ- 1060 net losers;

NDX-20 WINNERS;

OEX-15 WINNERS;

IBD 100- 20 WINNERS;

WINNERS- DE CNH MA SXE FAST SHLD BBBY COST RIMM TGT MS HD WFC RF MER BAC WB;

LOSERS- CCU UNH BMY ORCL DELL AEP CSCO BAX MRK SIAL LEAP ESRX SRCL SIRI GRMN LOGI BRCM DLB GMCR CTRP HRBN TEF TKC KOP;

VIX- higher by 14% and over bought;

TRIN -.97;

Volume- 1.1B Up and 1.44 Down and a very high overall;

Markets churned after they came off the lows oscillating between down 200 and down 50 on the DJIA before the close. I suspect the way to trade for now will be to sell rips and buy dips as I doubt we go much higher or much lower from these levels for a while.

And it was just the other day we got this from the Chief. Funny how stuff changes so quickly.