THE CLOSE

DJIA closes down 195, NAZ -51 and SPX -27.5.

Strongest groups- metals, oil service, utils and ags while brokers, airlines and banks were the weakest.

NYSE- 5/1 losers to winners;

NAZ -3.5/1 losers to winners;

NDX -8 WINNERS- LINTA PCAR IACI BBBY APOL SHLD ALTR;

OEX-4 WINNERS- BA S IP CSC;

IBD -15 WINNERS;

VIX- closes up 14% and is trading 14% above the 10 SMA;

TRIN- 2.23- maybe signaling a reversal on Monday- (BSC dependent)

Down volume about 12X Up volume; Fairly heavy at 1.85B shares;

Tech not so horrible despite the carnage on the NAZ- AAPL -1%, GOOG-1.1%, BIDU flat;

OIH down $1 or .57% after being way down earlier;

Gold- $$1,004;

Crude- $$110;

Silver- $$20.7;

Dougie Kass with some interesting observations on realmoney.com- like selling off positions today in front of next week as the markets will be difficult to figure in lieu of more BSC news- and GS and MS big beneficiaries on the apparent end of the BSC era.

And C looking for a 1 point cut by the FED next week- Hmmmm.

Finally, if you beat yourself up on your bad trades- just keep this one in the back of your head- Joe Lewis with his $1.2 B investment in BSC now worth about $300M - so almost a $900 M loss in a quick 75 days.