THE CLOSE

Markets closed mixed with the NAZ/NDX higher and the DJIA/SPX lower as tech led and energy/materials/metals/ags lagged with the dollar rallying.

Strongest sectors- airlines, telecom, tech, trannies and gaming while ags, metals, steel, energy and real estate lagged badly.

NYSE- 500 net losers;

NAZ- 470 net losers;

NDX- 65 GREEN;

OEX-50 GREEN;

IBD-18 GREEN;

VIX- higher by 3% and at/near the SMA 10;

Down volume slightly better than up on overall light volume yet again;

Late in the afternoon GS got some jig and ended higher by $1.46 despite the crummy financials.

Markets still over bought but slowly working off the condition- question now- what will happen to the leaders as they are all getting crushed as most are assuming that the interest rate cuts by Big Ben are nearing the end- leading to a higher dollar and lower prices for stuff. We will see but buying the OIH today down $6+ probably works out as a nice trade.