CLOSING SLIP

An unfun day in the markets as they reversed course in the final 90 minutes and gave up all the early gains as the 1,400 level on the SPX and short term over bought conditions were too much for the markets to overcome.

Strongest sectors- airlines, homies, trannies and biotech while ags, metals, oil service and internets lagged.

NYSE- 420 net winners;

NAZ- 200 net winners;

NDX- 55 GREEN;

OEX-40 GREEN;

IBD-55 GREEN;

VIX- flat;

Up and Down volume about equal with total volume very anemic at 1.1B;

RSI (2) levels:

SPX 76

DJIA 68

NAZ 71

NDX 73

RUT 90

MID 93

Markets still over bought here and probably not much significant activity until the FED news comes out on Wednesday. In the meantime its probably buy the dips and flip em quickly.