USUAL MORNING

Same old markets as we are down 117 on the DJIA - 22 on the NAZ and 13 on the SPX.

Strongest sectors- utils, metals, gaming, ags and the NDX while the brokers, banks, airlines, emerging markets, telecom and real estate sectors lag.

Market internals are awful with 3 down to every 1 up on the NYSE and NAZ;

NDX- 18 GREEN;

OEX-17 GREEN;

IBD 100- 20 GREEN;

Ugly stocks include GOOG CMED FMCN CEDC CNQR UAUA LOGI MICC NVDA DISCA APOL C WB TXN S JPM RF COF BAC ORCL;

VIX - barely moving and up 1%;

TRIN- 1.55;

Down volume about 5X Up volume;

Seems like a crucial area on the SPX a few points above 1,315- if it holds we could get a nice bounce- if it fails we could fall another quick 10/15 points which may be also be a nice buy area.

RSI (2) levels way overdone:

SPX 4

DJIA 3

NAZ 3

RUT 3

- the only caveat -its a bear market.