The Trading Day

I was out most of the day taking care of some personal business but not surprised to see the market selling off this afternoon. Plenty of reasons why the rally would start to reverse including- the general trend is down, FIB 38.2 retracement at/near 1380, recent resistance (end of Feb) near these levels, volatility indexes don't go to zero and in the short term the markets were very over bought with RSI (2) levels earlier today at/near 90.

Anyhow, strong sectors included oils, metals, utils and semis while airlines, ags, telecom, banks and drugs lagged.

NYSE/NAZ breadth- a positive slant;

NDX-50 WINNERS;

OEX-50 WINNERS;

IBD -60 WINNERS;

VIX- higher by 3.5% and about 9% under the SMA 10;

Up volume a bit ahead of Down and light overall;

Gold +$21 to $908+;

Crude +$3.8 and near the $105 line;

EURO- almost 1.57;

10 year Bond- 3.58% yield;

Dr. Brett with some good day trading stuff;

The Quant with more good stuff;

And of course Kass nailed it;

With the recent SPX range between 1270 and 1390 it looks like a good time to flatten out if your very long and maybe buy some puts or put out some shorts as I don't expect this range to disappear real soon. Buying levels- oh the 1340 level which is at/near the 50 SMA.