Closing Ugly

I thought today would be a problem for the bulls early this morning when the brokers were tanking and folks hardly noticed. LEH closed down about 9%, MER -6%, MS -4.5% and GS -4%.

The SPX was down 14, DJIA -120 and the NAZ down an ugly 44 after AAPL BIDU GOOG INTC MSFT RIMM and YHOO spent all day in the red.

Strongest sectors- ags, drugs, homies and biotech while brokers, gaming, tech, banks, semis and retail were the worst.

Gold $948, Oil- $107.2- Nat Gas- $9.68 10 Year bond- 3.53% and the EURO- 1.577;

NYSE Breadth -760;

NAZ-720;

NDX -18 GREEN;

OEX-25 GREEN;

IBD -30 GREEN;

VIX- WEIRD and FLAT;

Down Volume 3X Up volume and light volume it was at under 1.4B;

TRIN 1.73;

Markets closed ugly with big cap tech and financials the worst of the bad and that is generally not a good sign.

Recent high on ther SPX was 1,360 and low at 1257 gives me a bounce target area of around 1,310 as a 50% retracement. Also note, 1,315 was recent support before the 1270/1250 number kicked up.

GS ugly and after hitting 185 area a target number there is around 163- 50% retracement to the 140 recent low.

SPX earnings according to the horse itself- 12/31/07=$82.54 or PE of 16X and a number of $96.26 for 2008 yielding PE of 13.7X.

And just in- Jimmy Cayne sold 5.66 million shares on 3/25 at $10.84- I guess he doesn't see the higher bid.