The Drift

A pretty gloomy afternoon of trading as every little lift was met by selling after a slightly green morning. And checking the SPX - down 11.5 and back at the 1,315 number of recent support - also near the 50% retracement between the recent highs -1360 and lows -1257.

Strongest sectors included china, defense, oils and tech while gaming, brokers, retail, banks and ags lagged.

NYSE- 1100 net losers;

NAZ- 1030 net losers;

NDX- 27 GREEN;

OEX-35 GREEN;

IBD -40 GREEN;

VIX- another weird day as it drifted lower by .73%;

Volume- 3/10 Up do Down - over all - very light at 1.3B;

Oil- $105.1

Gold- $931

EURO was one of the places where there were big green bars as it traded back to recent highs near 1.58;

Waiting for next week to enter longs if it looks like this level will hold;

Jeff Saut on CNBC now expecting the recent lows to hold in the short/intermediate term- yeah agree;

10 year Bond trading at a yield of 3.466% and if we get any good news the selling there will be huge - does anyone really think that is a good yield for the next 10 years or just a very safe resting place for cash until something changes?