the close

Hard to believe but it is what it is - the DJIA closed down 294, NAZ -58 and SPX -32 all three lost more than half of yesterday's gains.RUT/MID's fell right in line. And adios to SPX 1315/1300.

Sectors- the best- airlnines, biotech, reits and drugs while metals, ags, oil service, emerging markets and semis were the worst.

NYSE- 1300 net losers;

NAZ- 1150 net losers;

NDX-25 GREEN;

OEX-20 GREEN;

VIX- higher by 16% and back at/near 30;

Volume- Down 4X up - total about 2 Billion shares;

Art Cashin- on CNBC with the explanation for the commodity implosion-

"it is the result of de-leveraging" -prime brokers that clear for and service hedge funds may have gone around and called for de-leveraging at the funds- this was equivalent of a margin call at the funds, triggering the selling."

Sounds feasible- and could also explain some of the selling of equities.

No clue for whats next- and I am sure not the only one -honest but useless.