CLOSING DIP

Markets tanked again in the last hour as the DJIA/NDX lost 135/35 respectively in the final 75 minutes. Just when it looked like the market had stabilized the shorts/sellers decided enough was enough.

Strong sectors- retail, banks, reits, brokers and biotech while metals, oils, ags, utils and large cap growth lagged.

Market internals were pretty flat on the NYSE/NAZ while the NDX/OEX were a hair better than flat. IBD 100 - very ugly as the list is loaded with ags, metals and oils.

Even with the ugly close, some bright spots today such as GS WYNN MGM CELG RUT XRT PVH SHLD VMW MER LEH BSC WFC MTB JPM;

SPX earnings updates available here;

If anyone is interested, the SPX is again stretched pretty far from the 50 SMA- about 6%. The last times they were this far stretched -around August 15 and November 26.